Correct!
Well done, now you’re getting how the game is played. In 2017, a parliamentary committee delivered a damning overview of Petro SA’s lack of accountability, with one ANC MP suggesting the entire board should be sacked for voting itself a whopping great set of bonuses despite awful financial performance[24]. They were not sacked, of course.
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PetroSA was often late publishing annual reports and financial statements, and after 2020 stopped sharing its accounts altogether. Now its performance is included in the CEF’s annual reports so profits and losses are not always clear. Between 2013 and 2020, however, we know it lost more than R25bn[25].
References
- 23
- 24PetroSA annual reports,
https://www.iol.co.za/news/golden-handshakes-bonuses-despite-petrosas-losses-8190663 - 25
- 26
