argued that a 2020 high court order went too far in awarding Contango Oil & Gas Company and energy and commodities trader Vitol compensation for hedging losses, insurance, letters of credit and inspection costs associated with their purchase of the country’s oil stocks.
The appeal against the remedial order, the SCA said, saw the Central Energy Fund and the Strategic Fuel Fund play the victim rather than accept responsibility. Gamede had repeatedly misled then energy minister Tina Joemat-Pettersson to secure her approval and lied about the transactions being vetted by the Strategic Fuel Fund when it had not been briefed about these.
“The board did not proactively intervene to ensure that the SFF and the country’s interests were safeguarded,” Rogers said. The Central Energy Fund and the Strategic Fuel Fund had argued that the high court failed to properly consider the public interest in preventing bribery and “protecting the public purse from funding corrupt transactions”. It ignored the “no profit” principle, the argument went, because Contango and Vitol had failed to do basic due diligence and were not innocent parties.
𝐓𝐡𝐚𝐧𝐤 𝐲𝐨𝐮 𝐟𝐨𝐫 𝐛𝐞𝐢𝐧𝐠 𝐬𝐨 𝐠𝐞𝐧𝐞𝐫𝐨𝐮𝐬, 𝐭𝐡𝐨𝐮𝐠𝐡𝐭𝐟𝐮𝐥 𝐚𝐧𝐝 𝐬𝐨 𝐭𝐫𝐮𝐞. 𝐖𝐢𝐭𝐡 R3000 𝐬𝐭𝐚𝐫𝐭-𝐮𝐩 𝐢 𝐦𝐚𝐝𝐞 R40,000 𝐓𝐡𝐚𝐧𝐤 𝐲𝐨𝐮 𝐟𝐨𝐫 𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐰𝐨𝐫𝐝𝐬 𝐚𝐧𝐝 𝐛𝐞𝐢𝐧𝐠 𝐭𝐡𝐞 𝐫𝐞𝐚𝐥 𝐲𝐨𝐮 Oliviatrading2
Trading has been a lot easier with Oliviatrading2 I Invested R4000 and got a profit of R45,500 within a week. Her transparency and accountability has been the best
Good outcome. Was Ms Joemat the mover of this transaction?