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Kubayi takes legal action over fuel sale

Energy

Cape Town - Energy Minister Mmamoloko Kubayi is taking legal action on the sale of fuel stock by the Strategic Fuel Fund two years ago.

Kubayi told the portfolio committee on energy on Tuesday the stock was sold by the SFF.

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Picture: Reuters.

It was reported at the time the stock was sold at a discounted price in 2015.

Kubayi said despite assurances by her predecessor Tina Joemat-Pettersson this was stock rotation, however the stock was sold.

MPs said they welcomed Kubayi’s transparency on the matter as it had been hanging for some time, and had left many unanswered questions.

It was reported last year SFF sold its strategic oil reserves of 10 million barrels at a discounted price.

It was said the stock was sold for R1.5 billion.

But this was denied by then minister Joemat-Pettersson.

Read also: Fuel Fund chair and chief resign in a huff

Kubayi told MPs on Tuesday this was not stock rotation as alleged by her predecessor, but the stock was sold.

She said she has taken the matter to court.

ANC and opposition MPs said they wanted to get to the bottom of the matter.

At the time there was a huge outcry on the sale of the stock.

But an assurance was given to Parliament that it was stock rotation.

Kubayi was making her first appearance in the portfolio committee when she made the announcement.

POLITICAL BUREAU

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