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PetroSA confirms suspension of three executives

PetroSA say a probe is also underway into the performance of the executives.

PetroSA. Picture: PetroSA.

CAPE TOWN - PetroSA has confirmed three senior executives have been placed on forced leave pending an investigation into their performance.

The parastatal's CEO Nosizwe Nokwe-Macamo is one of the executives who has been requested to take leave or face suspension along with the Chief Financial Officer and acting vice-president of upstream operations.

Others who have been suspended are CFO Lindiwe Mthimunye-Bakoro and vice president of upstream operations, Andrew Dippenaar.

In March, Eskom made a similar move when its board suspended four senior executives ahead of an investigation.

In a statement issued by PetroSA revealed a probe into the three top executives' performance and company related matters.

The company said it will consider the appointment of an interim management team during the investigations.

The leadership uncertainty follows a failed bid by PetroSA to enter the fuel retail market and a loss of R1.2 billion in its 2013/14 financial year.

A source has told Eyewitness News the executives will go on leave as from Monday.

The firm, which sells petrochemical products to South Africa's major oil companies and also exports to international markets, is expected to reduce its workforce by about 40 percent to cut costs.

PetroSA's VP of corporate affairs, Zama Luthuli, has refused to comment further on the matter.