- The entire board at the Nuclear Energy Corporation of SA has had enough and called it quits
- The executives at the state-owned entity claimed that Gwede Mantashe failed to support them
- Mantashe clapped back, and after being snubbed by an entire board, attempted to divert the blame
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The entire board of NECSA has decided to call it quits over what they claim is a lack of support from Energy Minister Gwede Mantashee.
TimesLIVE reports that a letter sent to the minister's office had laid bare the challenges facing the state-owned entity.
NECSA was exposed has 'technically insolvent' for years now, struggling to pay salaries:
“Upon assuming our positions as directors [late in 2018] it became apparent that Necsa has been making losses from as far back as 2014."
In a bid to mitigate an estimated R554 million in losses, NECSA had obtained loans, overdrafts and even dipped into emergency funding:
“Necsa ... has survived using ring-fenced funds, which has cumulatively had an impact on the going-concern status which the new board faces.”
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Mantashe has been warned of this situation, including being asked to fill the place left by board members who resigned two years ago:
“Despite our repeated requests to you since July 2019 to urgently augment the board, this matter has not been prioritised, making it more difficult to function properly.”
Pulane Kingston, Dr Pulane Molokwane, Matlhodi Ngwenya and Bishen Singh say the minister has simply turned a blind eye to the entire ordeal:
“A clear example of this lack of support includes your [Mantashe’s] public utterances that there was no board of Necsa, while continuing to interact with us. Your unavailability and non-responsiveness is concerning. This, together with the overreach by your officials, which undermines the responsibilities and authority of the board, renders it untenable for us to continue serving as directors."
Mantashe has responded to this development by throwing some shade of his own, Briefly.co.za gathered:
“We must reinstate Necsa into a functional state. We can't allow dysfunctional governance. We must appreciate that correcting governance is painful.”
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