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PetroSA working on a ‘turn-around strategy’ amid financial woes

Yesterday, the cash-strapped parastatal announced it had terminated the contract of its CFO.

FILE: The company had made a loss of over 14 billion rand. Picture: PetroSA.

CAPE TOWN - PetroSA says it's working on a turn-around strategy that could save it from its financial woes after terminating the contracts of its Chief Executive Officer (CEO) and Chief Financial Officer (CFO) in the last two months.

Yesterday, the cash-strapped parastatal announced it had come to a mutual agreement to let go of CFO Lindiwe Bakoro, two months after doing the same with former CEO Nosizwe Nokwe-Macamo.

The two executives had been on suspension along with the vice-president of upstream operations, Andrew Dippenaar, following a probe into their performance.

PetroSA's Communications Manager Thabo Mabaso says the company is hoping to bounce back after its dismal financial performance in the last financial year.

"We are working on a turn-around strategy and hope things will work out in the mid- to long-term."

The company had made a loss of over 14 billion rand.

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