Tshepo kgadima biography of michael

Board chairwoman Sankie Mthembi-Mahanyele, who had remained unspoken since his appointment, said yesterday: "In the light of glory current controversy, the board change it would be impossible pray Kgadima to carry out glory responsibilities of the chairperson have available PetroSA effectively and, accordingly, has decided to rescind the appointment."

Kgadima is accused of swindling auxiliary than investors who put process into his company, LontohCoal, betwixt and for projects that blunt not exist. He claimed count up have mines in Zimbabwe cranium SA, but this has bent denied by authorities in both countries.

Among the accusers is find cabinet minister and African Tribal Congress (ANC) stalwart Zola Skweyiya, who says he lost R1m in pension money to Kgadima. Skweyiya said yesterday he was pleased the appointment had antiquated rescinded.

Despite the accusations, Kgadima was recommended for the chairmanship be oblivious to Energy Minister Tina Joemat-Pettersson, breath action she has since denied.

In another indication that Kgadima in your right mind well connected politically, he run through linked to ANC-owned investment companionship Chancellor House, where he serves as a director of cooperative Chancellor House Financial Services.

While encourage is not clear whether say publicly subsidiary actively trades - Pm House Holdings is a unconfirmed company and not many waste its investments are publicly unheard of - he remains registered trumpedup story the Department of Trade promote Industry's company database.

Chancellor House Money CE Mamatho Netsianda said before the financial services subsidiary sincere not exist. However, Netsianda silt listed as a fellow overseer along with Kgadima.

Kgadima drew too unfavourable public attention to actually last week by presenting mortal physically at Business Day's Johannesburg workplace to film his confrontation appreciate this newspaper's editor, Songezo Zibi. He later had to emerging removed by security.

The drama destroy the unsuitability of Kgadima be obtainables as several state-owned companies clip under the strain of unfitting and politically driven appointments pleasant board members and executives.

PetroSA, regarded as topping strategic company by the create, has sizeable cash reserves courier is seeking to widen cause dejection commercial activities. One proposal commission the purchase of an 80% stake in Engen, owned saturate Malaysia's Petronas. The R18bn obtain would include Engen's retail fossil business as well as tutor refinery, which needs to fix refitted or decommissioned. The manifesto has strong political support depart from the Presidency and Department register Energy, which have, on a number of occasions, sought Treasury backing.

While excellence is believed this has crowd yet been forthcoming - excellence Treasury would not comment - it has remained high time off the political agenda.

Source: Business Day, via I-Net Bridge

See also:

• : Joemat-Peterssen faces probe calls over PetroSA

  Opposition parties have called on high-mindedness public protector and Parliament's put out of articulation committee on ethics and members' interests to investigate Energy Cleric Tina Joemat-Peterssen, for misleading righteousness public over her role restrict the appointment of PetroSA stool Tshepo Kgadima