South Africa Removes Central Energy Fund Chairman Luvo Makasi

(Bloomberg) -- South Africa’s Energy Minister Jeff Radebe removed Luvo Makasi as chairman of the nation’s Central Energy Fund, citing “serious allegations.”

Makasi, a director and chairman of the board at the CEF, which oversees South Africa’s state-owned oil company and energy assets, responded to the allegations, the energy ministry said Saturday in a statement without providing details. It didn’t immediately reply to an email seeking comment.

“Having considered Mr. Makasi’s written response, the Minister on 15 March wrote to Mr. Makasi, removing him,” the ministry said.

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