Cosatu calls for disbanding of Central Energy Fund board

A statement released by the energy ministry on Tuesday afternoon denied that members of the Central Energy Fund board have been suspended. This, after a report that they had been asked to leave the office.

The board was appointed in December 2016 after ten million barrels of the Strategic Oil Fund was sold in secret in December 2015 while the oil price was at record low.

Also Read: '10 million barrels of oil sold off in secret is heist of the democratic era'

Sizwe Pamla, spokesperson of the Congress of South African Trade Unions (Cosatu), says his organisation is disappointed to have heard the board has not been suspended.

We still demand accountability and answers. From where we stand we believe this is the lowest of the low.

Sizwe Pamla, Spokesperson of the Congress of South African Trade Unions

Looking at what CEF has done, we the workers have to pick up after their mess, says Pamla.

He says Cosatu will continue to demand action from the minister of energy, Mmamoloko Kubayi and answers from the board.

Also read: Stephen's infamous Gupta interview got a brief mention in BBC doccie

We want an investigation into what went wrong. For now, we want that board investigated.

Sizwe Pamla, Spokesperson of the Congress of South African Trade Unions

Pamla goes on to say that the most important thing right now is to disband the board. He says they are numbed by the level of corruption and mismanagement of state owned entities.

Listen here:


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
'10 million barrels of oil sold off in secret is heist of the democratic era'

'10 million barrels of oil sold off in secret is heist of the democratic era'

Journo Carol Paton says Energy Minister Kubayi wants those involved in the sale of strategic oil fund held accountable.

Energy Minister Kubayi confirms PFMA violation in fuel reserve sale

Energy Minister Kubayi confirms PFMA violation in fuel reserve sale

Kubayi spoke to 702's Karima Brown about the controversial sale of South Africa’s strategic oil stock.

New Energy Minister to probe unauthorised sale of strategic fuel stock

New Energy Minister to probe unauthorised sale of strategic fuel stock

Minister Mmamoloko Kubayi spoke about the sale of SA's strategic fuel stock without the sign off from National Treasury, and more.

Why SA no longer has strategic oil reserves

Why SA no longer has strategic oil reserves

John Maytham spoke to Business Day’s Carol Paton after new energy minister admitted selling off the country's oil reserves.

Energy minister gets the nod (for now) from DA shadow minister

Energy minister gets the nod (for now) from DA shadow minister

New Energy Minister Mmamoloko Kubayi has committed to fixing errors of her predecessor.

Popular articles
Robots are already replacing financial advisors right here in South Africa

Robots are already replacing financial advisors right here in South Africa

But can they be trusted? Are they independent? Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

You’re either a ‘money slave’ or a ‘money master’ (says author of 'My Money')

The Money Show’s Bruce Whitfield interviews Sugar Creek financial expert and author of “My Money” Gerald Mwandiambira.

How to make money through ‘buy-to-let’ (using very little of your own money)

How to make money through ‘buy-to-let’ (using very little of your own money)

Bruce Whitfield interviews Francois Janse van Rensburg, author of “Making Money through Buy-To-Let in South Africa".

Retirement: 8 biggest mistakes people typically make…

Retirement: 8 biggest mistakes people typically make…

The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Elon Musk, as you’d expect, hails from an exceptional family. Bruce Whitfield interviews his Capetonian father.