Sasol’s [ JSE:SOL] joint CEOs, Bongani Nqwababa and Stephen Cornell, have agreed to resign after an independent review into the company’s disastrous US project. The Lake Charles Chemicals Project (LCCP), which will have seven production units that deliver various chemicals including a plastics variant called polyethylene, will cost between $12.6bn and $12.9bn (R190bn at current exchange rates) – almost double the original budgeted amount.
Name: Bongani Nqwababa
Country: South Africa
Announcement Date: October 27, 2019, 11:00pm