Sasol announces the appointment of Fleetwood Grobler to the role of president, CEO and executive director as of November 1.

Current joint CEOs, Bongani Nqwababa and Stephen Cornell, will leave company as of October 31 following the company’s misjudged investment in a multi-billion dollar gas facility in the US.

In May 2019, the Sasol Board commissioned an independent review into the circumstances that may have delayed the prompt identification and reporting of the LCCP cost and schedule overruns. The review has now been concluded. Management has determined that, as of 30 June 2019, the Company’s internal control over financial reporting was ineffective due to the existence of a material weakness with respect to the capital cost estimation process implemented in connection with the LCCP, which resulted from the aggregation of a series of individual control and project-related control environment deficiencies, the remediation of which had not been fully implemented and validated as of year-end.

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