TITLE

Oily goings on

AUTHOR(S)
Mulholland, Stephen
PUB. DATE
June 2005
SOURCE
Finance Week;6/8/2005, p20
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article presents information on the Oilgate disclosure in which 11 million rand of PetroSAs money had made its way into the coffers of the African National Congress instead of being paid to a Swiss company, Glencore, for the delivery of oil condensate to the refineries. PetroSA paid 15 million rand to Imvume Management well ahead of schedule in a manner foreign to its normal procedures. When Imvume failed to pay Glencore, the Swiss threatened not to supply the oil condensate. Threats of lawsuits are being flung about and the shutters are going up.
ACCESSION #
17361282

 

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