JOHANNESBURG – The sale of 10 million barrels of oil from the country’s strategic fuel reserves in 2015 was invalid, according to a judgment of the High Court of the Western Cape.
The sale of South Africa’s strategic crude oil reserves has been the subject of alleged irregularities for years.
READ: Fuel Fund and Glencore agree to cancel 2015 crude oil sale
The Central Energy Fund and the Strategic Fuel Fund Boards contested their sale after identifying a series of illegally concluded deals.
All traders have now agreed that the sale of reserves was invalid.
The Strategic Fuel Fund is currently putting measures in place to ensure that there are consequences for the employees involved in the case.