Fuel reserves: DA to escalate investigation to Public Protector
27 May 2016
The DA is awaiting response from the Auditor General (AG) regarding the full list of names involved in the illegal sale of fuel reserves by Minister of Energy, Mrs Joemat-Pettersson and CEO of the Central Energy Fund (CEF), Mr S Gumede who contravened section 54(2d) of the PFMA by not consulting Treasury on the transaction.
We can confirm that we will be laying criminal charges against all counterparts involved including the Minister and the CEF CEO in this illegal sell-off of critical state apparatus. Upon receiving the AG’s response to our initial request for a probe into this, we will further approach the Public Protector, if need be.
Today’s Business Day has revealed that the CEF CEO is expecting fuel prices to dip below $28 per barrel, which is an irrational and non-evidenced statement as current prices are at $50 per barrel and with continued undersupply at the moment, this price is destined to rise according to market analysts.
This means that taxpayers will bear the brunt of the losses that will follow this illegal sale of 10 million barrels of fuel belonging to the Strategic Fuel Fund (SFF).