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Investigations  /  03.19.2020

Investigation of Sasol Limited

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Did Sasol Limited (SSL) Mislead Shareholders? 

In October 2014 for alleged violations of the Securities Exchange Act of 1934 , Sasol Limited (SSL) announced the construction of an $8.1 billion ethane cracker and derivatives complex named the Lake Charles Chemicals Project (“LCCP”).  On May 22, 2019, Sasol increased the LCCP’s cost estimate to a range of $12.6 to $12.9 billion, citing corrections on several aspects of the project. However in October 2019, Sasol disclosed that a review of the LCCP brought to light “errors, omissions, and inaccuracies in the [LCCP] cost estimate” as well as a number of unethical and improper reporting activities at the highest level of management. Consequently, Sasol announced the resignation of its Joint Presidents, Chief Executive Officers, and others previously in charge of the LCCP. Finally, on January 14, 2020, Sasol announced the Company “experienced an explosion and fire at its LCCP low-density polyethylene unit.” On this news, Sasol’s shares fell almost 8% to close at $19.99 per share on January 15, 2020. The stock has since continued to decline.

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