Strategic Fuel Fund offer to buy Chevron SA assets is illegal, says Minister

The whole offer is very strange.

Carol Paton, Business Day

The Strategic Fuel Fund (SFF) - Government’s keeper of strategic fuel stocks - on Wednesday announced that it has offered to buy Chevron South Africa’s assets.

These assets include 845 Caltex petrol stations, its refinery in Cape Town and its Durban lubricants factory.

On Thursday Energy Minister Tina Joemat-Pettersson said the SFF didn’t consult her regarding its resolution to bid for Chevron South Africa’s assets.

According to Joemat-Pettersson, this is a major governance breach and illegal.

The Money Show’s Bruce Whitfield interviewed famed Business Day journalist Carol Paten.

Scroll down for quotes from the audio below.

Perhaps they think that by being bold and audacious they’ll force the hand of the Minister.

Carol Paton, Business Day

In December they sold oil stocks without permission and nothing happened!

Carol Paton, Business Day

These are complex businesses. You need the discipline of shareholders and competition to keep on the straight and narrow.

Carol Paton, Business Day

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the seven most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Read More
Mark Heywood (SECTION27, Treatment Action Campaign) opens up about money

Mark Heywood (SECTION27, Treatment Action Campaign) opens up about money

The Money Show’s Bruce Whitfield interviews the famed activist about his attitude to money (hopes and fears, successes and failures, etc.)

Speaking truth to power… Meet corruption buster Advocate Paul Hoffman

Speaking truth to power… Meet corruption buster Advocate Paul Hoffman

The Money Show’s Bruce Whitfield interviews the Accountability Now director about his book, “Confronting the Corrupt”.

3 wealth-boosting (small and mid-cap) stock picks

3 wealth-boosting (small and mid-cap) stock picks

Looking for a hot tip (or three)? Small and Medium Market Cap Analyst Anthony Clark reckons you’d do well to look into these...

What we learned from the 2017 World Economic Forum at Davos

What we learned from the 2017 World Economic Forum at Davos

The rise of populism… Donald Trump… a new leadership role for China… a fragile European Union… 2017 WEF - It’s a wrap!

Get the best money news/advice/interviews every Friday in your inbox (it’s FREE)

Get the best money news/advice/interviews every Friday in your inbox (it’s FREE)

Fan of The Money Show? Sign up for a newsletter containing the 10 most-read articles of the week. Here’s what you’ll be getting…

How to get funding for your business (or project)

How to get funding for your business (or project)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

Popular articles
I paid for it, says Police Commissioner Phahlane. No you didn't, says Ipid

I paid for it, says Police Commissioner Phahlane. No you didn't, says Ipid

John Maytham interviews EWN’s Barry Bateman about the allegations against the Acting National Police Commissioner.

Orcas spotted in Langebaan Lagoon must've been hunting, says conservationist

Orcas spotted in Langebaan Lagoon must've been hunting, says conservationist

Capetonians are accustomed to seeing whales playing along the coast, but it is very rare to hear of orcas in the Langebaan Lagoon.

Photographer captures Cape's dwindling dam levels with a drone

Photographer captures Cape's dwindling dam levels with a drone

The latest figures show dam levels at 36.8%, which means they could run almost empty by the time 2017 the winter rains come.

Culprits spotted deliberately starting fires in the Cape

Culprits spotted deliberately starting fires in the Cape

Chief Fire Officer at Overberg District Municipality says arson is a problem they are all too familiar with.

Find out what the city-approved borehole sign looks like

Find out what the city-approved borehole sign looks like

Cape Town residents are concerned that residents might be wasting water and lying about having boreholes by using fake signs.

Meet Chuma Somdaka, a homeless artist who blogs about art

Meet Chuma Somdaka, a homeless artist who blogs about art

Chuma spends her days making art and her nights on a bench in The Company's Garden in Cape Town where she displays her artwork.