Imvume pays back R8m of Oilgate debt
PetroSA has recovered R8m of the R17.7m owed to the state energy agency by controversial oil company Imvume Investments as a result of the Oilgate scandal.
A report in Business Day notes the debt stemmed from an advance of R15m in 2003 by PetroSA to the oil agent as deposit for a condensate consignment for its refinery in Mossel Bay. However, R11m of the money was allegedly diverted into ANC coffers and ended up funding the ANCs election campaign. When the supplier of the condensate complained it had not been paid, PetroSA was forced to pay up, even though Imvume Investments had undertaken to do so. PetroSA CFO Nkosemntu Nika this week confirmed that the money was being repaid by Imvume at R500 000 a month with just R10m outstanding. Full Business Day report