Oh for a gander at the separation agreements between Sasol and those members of its Lake Charles Chemicals Project (LCCP) team found to have negligently mismanaged the venture.
No project team member was accused of criminal activity, and presumably they will move on to other posts, while the joint CEO structure that oversaw the corporate disaster – Bongani Nqwababa and Stephen Cornell – has been dismantled, with both executives leaving the group. It’s a step described by Sasol chairman, Mandla Gantsho, as an act of valiance.
Avoiding a train smash
According to Sasol chief financial officer, Paul Victor, they were installed in order to avoid the kind of train smash that eventually happened. Sasol had a “… big capital project far away from home”, he said in an interview, flanked by Sasol’s new CEO, Fleetwood Grobler.
“We needed to make sure US stakeholders were taken care of,” said Victor, who is clearly not responsible for the structure, but was nonetheless attempting to give it context.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE HEALTH OF SA'S MEDICAL SCHEMES
As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.
The effect of Gilbertson's departure
With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.
Making money from music
Why investors are increasingly drawn to the music industry.
Conviction is key
Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.
The post-pandemic toolkit
How CFOs can use technology to support growth.
Big city living exodus
Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.
Big compact, big value
Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.
On barriers to entry
There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.
Fear and greed in one index
To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.
Africa's largest data centre facility coming soon
Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.
