(Bloomberg) -- The head of South Africa's Strategic Fuel Fund stepped down after the Department of Energy, which the fund reports to, objected to an offer it submitted for Chevron Corp.'s assets in the country.
The board of the Central Energy Fund Group, of which the SFF is a part, accepted the resignation of its acting Chief Executive Sibusiso Gamede and has “resolved to urgently address the gaps in governance compliance at SFF and across the CEF Group of companies,” it said in a statement. The CEF is responsible for ensuring energy supply in the country.
The SFF said Wednesday that it expressed an interest in assets that Chevron is selling, including a Cape Town refinery and retail-fuel stations. The Department of Energy has since said the SFF didn't receive consent for such a bid and that it will conduct an investigation.
“The actions of SFF did not comply with governance requirements,” the board said. “The group further regrets the perceived misalignment with the Minister of Energy and the Department of Energy.”
To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net. To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Alastair Reed, Vernon Wessels
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
