Petro SA Group CEO Xolile Sizani has been suspended pending an investigation.
(Photo: Supplied) Petro SA confirmed in a statement this afternoon that Sizani “has been recused from operations, pending the outcome of an ongoing investigation”.
“PetroSA has appointed Mr Mmete Fusi as the acting group chief executive officer effective immediately. Mr Fusi has vast leadership experience and knowledge of the continent’s minerals resources, oil and gas, ports and railways infrastructure.”
The SOE did not disclose the nature of the investigations.
The news comes as PetroSA grapples with financial and governance issues that have been bubbling to the surface.
Only PetroSA’s trading division and Ghana asset have been deemed financially viable enough for inclusion in the new South African National Petroleum Company.
The state-owned enterprise has also long been accused of lacking in transparency, and a looming court case may shed light on two of its controversial deals.
Phezulu Natural Energy Resources recently filed a case in the Cape Town Division of the High Court demanding that PetroSA disclose internal documents showing how and why it selected Russia’s Gazprombank and scandal-plagued Equator Holdings for multibillion-rand gas deals.
Read more: Rival bidder takes PetroSA to court over Gazprom-Equator
The shake-up is also the latest round of musical chairs at the top of a troubled South African state-owned enterprise — a state of affairs that is hardly ideal. DM