JOHANNESBURG – The Central Energy Fund yesterday admitted that it oversold its strategic fuel stock for $280million two years ago after the Parliamentary Portfolio Committee on Energy demanded more answers on the transaction. The CEF said the sale was now the subject of investigations and legal action with board members having already filed affidavits.
“As the CEF board, we are confident that those investigations have been managed very well. There will be consequences,” said Maqubela.“It is important that we give those processes and court processes ; that we do not contaminate the evidence that is glaring. We believe we are at the end of the SFF matter.”
“On the proceeds on strategic sale, we did receive $280m, and that money is in the ring-fenced account. That money is in US dollars. At year-end, it was R3.38bn,” said Makhuba.
busrep Keyword Strategic. We have idiots running the country
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