Cash-strapped PetroSA awards million in bonuses despite missed targets

Cash-strapped state oil company PetroSA has paid senior executives millions in bonuses despite a string of disastrous projects that resulted in a R14.5-billion loss‚ the Sunday Times reported.

It said eleven bosses received payouts totalling R17.3-million even after the board said they did not deserve them

The executives benefited from a legal opinion that said “affordability would not qualify as a justifiable reason” not to pay the bonuses.

Furious mid-level employees this week accused their bosses of running a “self-enrichment scheme” and demanded repayment of the money. They said the bonuses were being paid while the company was laying off hundreds of staff to cut costs‚  newspaper reported.