- The state-owned fuel company, PetroSA, faces liquidation after entering into a settlement with an obscure but ambitious fuel trader, Nako Energy.
- By the end of 2024, PetroSA and Nako owed each other close to a billion rand, with the balance working out to R227 million in PetroSA’s favour. Six months later, PetroSA officials told Parliament they had reached a settlement with Nako to square off the debt.
- The settlement should have made PetroSA R227 million richer; instead, PetroSA was persuaded to sign an acknowledgement of debt that was swiftly ceded to Nako’s lenders, who issued a letter of demand for R620 million.
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When state-owned fuel company PetroSA walked into the…