The incoming Eskom boss says he obtained all the necessary internal approvals before selling Sasol shares worth R8.9m
Incoming Eskom CEO André de Ruyter has denied engaging in “questionable stock sales” months before resigning from Sasol to join Nampak as its CEO in 2013.
Stock exchange filings show De Ruyter sold three tranches of the company’s shares for a total of R8.9m on May 14 2013, while Ramon sold a single tranche for R33.7m. In both cases, the sales represented the majority of the Sasol stock both held. Speaking to Business Day on Friday, De Ruyter said he was one of three Sasol executives who sold shares on that particular day following the publication of the company’s interim results and its emergence from a closed period. “I obtained all the necessary internal approvals before undertaking the sale, which included receiving approval from Sasol’s then CEO David Constable.
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