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'PetroSA letting go of CEO won't have much impact on economy'

Economist Dawie Roodt says PetroSA's move will have a minimal impact on the economy or on the parastatal.

Former PetroSA CEO Nosizwe Nokwe-Macamo. Picture: Linkedin.com.

JOHANNESBURG - An economist says PetroSA's decision to terminate its CEO's contract won't have a major impact on the company.

Yesterday the cash-strapped parastatal announced its decision to let go of Nosizwe Nokwe-Macamo.

Nokwe-Macamo, along with two other top executives, were placed on suspension amid a probe into their performance.

The company's board of directors were of the opinion the three were in part to blame for the multi-billion rand loss made in the last financial year.

It is still unclear whether Nokwe-Macamo's release is the result of the probe.

Economist Dawie Roodt says it will have a minimal impact on the economy or on the parastatal.

"I don't think it's going to have much of an impact on South Africa's image as an investment destination. I don't think it's going to have much of an impact on the rand. It was bad management by civil service and politicians."

PetroSA's financial problems have been under scrutiny following a multi-billion rand loss in the 2014/2015 financial year.

The losses follow plummeting oil prices and feedstock challenges at its gas-to-liquids refinery in Mossel Bay.

In an effort to cut costs the company is offering voluntary severance packages to all employees.

The severance package includes two weeks' pay for every year an employee has worked at the company.

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