Oilgate, South Africa’s sale of its entire oil reserve at well below market prices, has sent shock waves across the nation. With benefits to the tune of at least R1,5bn, and possibly more, speculation is rife on social media that the money was used in part to pay for the ANC’s local election campaign – believed to have cost around R1bn.
It emerged in May that the Strategic Fuel Fund had been selling off oil, however it took a BizNews investigation into global oil trade to put the deal in context (read the first of the BizNews interviews by BizNews editor-in-chief Alec Hogg on #Oilgate here). BizNews published the details this week.
A BizNews visitor who goes under the pseudonym #trollsmustfall encapsulated the sentiment of hundreds of comments posted on BizNews and Alec Hogg’s Facebook.
“This deal stinks like rotten fish…Either government genuinely left R1.5bn on the table, in which case they are all certifiably incompetent, or the R1.5bn or part of it was diverted, in which case they are criminals. Either way the people of SA are owed some answers.
Susan Sonnenberg said on Facebook: “Fleecing the country has become the default mode. This oil scandal is appalling.”
BizNews visitor Greg Gow was among the first to draw the parallel between the #Oilgate billions and the ANC’s election budget, saying under the BizNews Oilgate exclusive: “Remember the R1 Billion rand campaigning election cost to the ANC. Makes you think doesn’t it?” Crythebelovedcountry had a similar point, asking: “How did the ANC manage to conjure up R1Billion to finance the elections, as per Nomvula Mokonyane?’
Although irregular deals have emerged with increasing frequency in South Africa, #Oilgate caught some BizNews community members offguard. Catherine Koffman pondered out loud on Facebook: I don’t believe this…I really don’t. Let me repeat myself…I don’t believe this.” Mike Wickins has also been pinching himself, it seems, adding: “And the hits just keep on coming, Catherine.”
Paul Kakebeeke did believe what he was reading, on the other hand, noting of the general trend towards financial incompetence and hubris: “So sick and tired of it. Disgusted.”
The Oilgate transaction has raised big question marks over the involvement of a number of business players as well as government officials and politicians.
The list of players in the #Oilgate deals starts with Minister of Energy Tina Joemat-Pettersson and officials at the Department of Energy and the Strategic Fuel Fund.
The buyers included: Glencore, listed on the London, Hong Kong and Johannesburg stock exchanges; Vitol, a private global energy and commodities company founded in Rotterdam; and the privately owned Nigeria-based Taleveras Group. These companies allegedly bought the oil for a discount on already-low prices. Other companies not invited to tender for the oil included Chevron, which has a refinery in Cape Town, BizNews can reveal.
“Outrageous,” said Susan Ansley Johnson of the Oilgate details. “Shocking!” agreed Margie Ford on Facebook. Brett Jennings called for harsh punishment for those who benefited: “Bring back public stoning !!!” Gideon Furst had a similar proposal, suggesting that those who engineered the deal “should be shot at dawn”.
SouthAfricaFirst agreed that “Heads must roll”. Posting on BizNews, the commentator observed that the billions involved in Oilgate “could pay for varsity fees”. “Corruption should face the full might of the law. If they did not have full authority to sell the oil, then the oil must be returned at the same price,” argued SouthAfricaFirst.
Many BIzNews community members suggested that the Oilgate deal was nothing short of a betrayal of the entire country, with Susan Puren demanding: “Tronk toe Tina!! Treason!”
“They should be ashamed of themselves,” said Daphne Bekker, calling for criminal charges to be instigated against the key architect of the deal. “The person should be named so that we can see who all these thieves are. Nobody goes to jail. Tax payers should refuse to pay tax until these people are named,” she added. Willow registered lots of likes on BizNews with this comment: “We all know who is behind this. Outa, PLEASE sue Joemat-Pettersson in her personal capacity. This nonsense needs to stop, we are bleeding taxes daily!”
But other South Africans have become immune to financial scandals, it seems. Asked Eileen Geldof on Alec Hogg’s Facebook page: “Does this really surprise anyone?” Allison Bell commented: “This must be a good day. Only the second scandal that I have read about.”
Pieter Rossfour said it would take time to digest the information, but was grateful the deal had been unpacked. “Alec, I take my hat off to you for exposing this newest scandal. I shudder to think what is still hidden in the ANC’s rattling cupboard. Let’s hope the DA can get enough support to start eradicating this kind of thing. For the moment I’m speechless. Will comment when I have had time to really study your brilliant expose.” – Jackie Cameron
Join the debate now on #Oilgate: How insiders stole R1.5bn in sale of SA’s strategic oil stockpile, here on BizNews.
The post #Oilgate outrage: South Africans speak up about oil sale scandal appeared first on BizNews.com.