I’ve not suspended CEF board - Energy Minister

Mmamoloko Kubyai says she’s denying reports that she’s suspended the board of the Central Energy Fund after the sell-off of the strategic oil fund in December 2015.

FILE: Energy Minister Mmamoloko Kubayi. Picture: @Energy_ZA/Twitter.

JOHANNESBURG - Energy Minister Mmamoloko Kubayi says she’s denying reports that she’s suspended the board of the Central Energy Fund (CEF) after the sell-off of the strategic oil fund in December 2015.

On Tuesday morning, the Business Day newspaper said the board’s members had been suspended over the issue even though the current board members were appointed a year after the oil stocks were sold off.

In December 2015 over 10 million barrels of South Africa’s strategic fuel fund were sold when oil prices were at record lows on world markets.

This means that the people who bought that oil were guaranteed to make massive profits.

The current board of the CEF was appointed a year later, but on Tuesday morning it was reported its members had been suspended.

Now the energy ministry’s Nomvula Khalo says that’s not true.

“She’s not taken any action. She’s just given them letters to extend some of her concerns. But the board is not suspended. They need to respond to what the minister has requested.”

But she won’t say what Kubayi has actually written to them about.

(Edited by Zamangwane Shange)