Sasol CEOs resign over Lake Charles cost surge
After two delays, Sasol released its annual numbers, adjusted earnings before interest, tax, depreciation and amortization fell by 9%. The results were placed on hold to investigate cost overruns at its flagship Lake Charles project which will now cost the company as much as R190 billion, that's double the original budget making it Sasol's single largest capital expenditure item. Following that cost surge, joint-CEOs, Bongani Nqwababa and Stephen Cornell have opted to resign. Company's CEO designate Fleetwood Grobler and CFO Paul Victor joined Business Day TV to discuss what this all means for the company's dot-plot moving forward.