EXPOSED: The man who stands to make a killing from sale of oil reserve | Business | RDM

EXPOSED: The man who stands to make a killing from sale of oil reserve | Business | RDM – And here’s the difference: selling 10 million barrels of oil at $28/barrel netted R4.4-billion; buying it back with crude at $49/barrel today would cost R7.9-billion. Here, it gets interesting. The buyers of this oil, who stand to make a killing, appear to have been Vesquin, Nigeria’s Taleveras and Glencore. Dig deeper, and you’ll see that Vesquin is a joint venture between Swiss-based energy giant Vitol and a company called Elderberry, owned by 45-year-old Simphiwe Mehlomakulu. Mehlomakulu, a chemical engineer with an MBA, has an impressive CV dating back to 1993 when he worked as a process engineer for Sasol’s chemical industries division. In 2000, he worked as a manager for Old Mutual, before joining PetroSA as an executive in 2002. But here it gets interesting: Mehlomakulu was the man who signed off the R15-million “advance” paid by PetroSA to Sandi Majali’s Imvume Management in 2003. Of that R15-million, Majali notoriously diverted R11-million to the ANC — a scandal uncovered by the Mail & Guardian which became known as Oilgate. At the time, Mehlomakulu was PetroSA’s GM for trading, supply and logistics, but he’d been acting CEO while Sipho Mkhize was on leave.

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