Energy Minister mulls next move over sale of SA oil reserves
Kubayi has told the committee she's considering acting against those who may have been involved in the sale of South Africa's oil reserves.
CAPE TOWN - Energy Minister Mmamoloko Kubayi says she's considering taking action over the sale of South Africa's oil reserves. This could include laying criminal charges.
Kubayi is briefing Parliament's Energy Committee following an investigation into the controversial sale.
Members from the boards of the Central Energy Fund and the Strategic Fuel Fund Association are also attending the meeting.
Last year, then Energy Minister Tina Joemat-Petterson told Parliament it was not a sale but the department is only rotating the country's reserves.
Kubayi says officials have yet to track the money trail involved in the deal. The report points to a certain individual who may have benefitted from the sale.
According to the report, the $280 million transaction was concluded with three companies between December 2015 and January 2016.
The fund says it only became aware of the situation four months later when the money reflected in its bank accounts.
The report has further pointed out numerous procedural contraventions, among them the use of a closed tender process when a competitive one is required for transactions worth more than R500,000.
(Edited by Shimoney Regter)