Andre de Ruyter, the incoming head of South Africa’s debt-burdened State power utility, engaged in questionable stock sales while working as a senior executive at Sasol in 2013, according to a forensic audit report.
De Ruyter, who was Sasol’s senior group executive for global chemicals and North American operations, together with then-CFO, Christine Ramon, knew about cost overruns at a chemical project and sold the company’s stock before that information was disclosed to other executives, says the report, a copy of which was seen by Bloomberg News. The report formed part of a risk and corporate governance assessment commissioned by the petrochemical conglomerate and undertaken by Werksmans Attorneys, a corporate law firm.