Cape TownA R227m claim became a R1.4bn loss.
The reversal threatens PetroSA with liquidation, risking South Africa’s fuel supply security.
PetroSA signed an acknowledgment of debt that was later ceded to trader Nako Energy’s own creditors.
Nako has asked the Western Cape High Court to place PetroSA under provisional liquidation.
How each outlet framed it
- Daily Maverick leans critical
- reconstructs toxic PetroSA deal: 11 fuel cargoes at discount to offset debt, converting R227mn advantage to R1.4bn loss risk
Sources: Daily Maverick