Energy Minister Kubayi confirms PFMA violation in fuel reserve sale

Business Day Deputy Editor, Carol Paton says it is very interesting how there's been a huge turn around regarding the sale of South Africa’s strategic oil stock since the appointment of the new Energy Minister.

While speaking to 702's Karima Brown on her show Talk At Nine, Minister Mmamoloko Kubayi confirmed the violation of Public Finance Management Act (PFMA) in the fuel reserve sale which took place in May last year.

To me it seems that former Energy Minister Tina Joemat-Pettersson and officials who were in charge of the strategic fuel fund at the time are soon to be under the bus.

Carol Paton, Business Day Deputy Editor

At the time, three major oil companies benefited a lot from this sale, says Paton.

The oil was bought at a discount of about $7 a barrel.

It is at this stage unknown whether there was a middle man facilitating the whole process who could've also benefited from the deal.

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To hear the full report from Carol Paton, listen below:

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