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Cash strapped PetroSA axes CFO

The company suspended Lindiwe Bakoro in June this year, as it investigated claims of poor performance.

Picture: PetroSA.

JOHANNESBURG - PetroSA has confirmed it's terminated the contract of its Chief Financial Officer (CFO), Lindiwe Bakoro.

The state-owned oil company suspended Bakoro in June this year, as it investigated claims of poor performance.

PetroSA says it's now former CFO has agreed to part on amicable terms.

A Petro SA spokesperson says, "PetroSA has terminated the contract of the Group CFO. The terms of the agreement are confidential."

A month ago, the parastatal announced its decision to let go of its Chief Executive Officer, Nosizwe Nokwe-Macamo.

Nokwe-Macamo, along with two other top executives, including the CFO, 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.