Court hears how fake letter cost SAA millions of dollars

In the ongoing hearing to determine if former SAA chairperson Dudu Myeni should be declared a delinquent director, she's alleged to have sent a fake letter to Airbus. Courtesy #DStv403

PRETORIA - More damning accusations against former SAA board chairperson Dudu Myeni.

In the ongoing hearing to determine if Myeni should be declared a delinquent director, she's alleged to have sent a fake letter to Airbus.

It stalled a deal that would've saved SAA millions of dollars a year.

This after the board had approved the deal and National Treasury showed support for it.

Former SAA chief commercial officer Sylvain Bosc says the executive at SAA decided to cancel a deal that was agreed to 15-years earlier as it was becoming too expensive to carry on with it.

This resulted in the swap transaction, which meant instead of acquiring 10 aircraft from Airbus, the national carrier would lease five newer aircraft and phase out some of their older ones.

READ: SAA uncertain over job losses

Bosc says this would have saved SAA about a $150-million (R2.2-billion) per annum but Myeni sent a letter to Airbus stating that it had been agreed SAA would engage an African aircraft-leasing company to take over the deal from Airbus.

“That for me was a fraud, it was a shock, this is a forged board resolution, its an attempt to change a transaction that’s been months in the making and its full of inconsistencies, lies and irregularities and this is emanating from the chairperson of the board of one of the largest SOE’s in South Africa," Bosc said.

Bosc says ending the agreement meant SAA would have to continue with the initial deal, but the airline didn’t have the money for it.

He says the letter proved to him there was an attempt to hijack the deal.

“This letter that I had received two days before, that for me was the smoking gun, it was the undisputable proof that there was an attempt to hijack a very significant transaction of half a billion dollars to the benefit of unnamed people, it was completely irregular and this fake boars resolution was a fraud,” Bosc said.

Bosc has told the court that Myeni then wrote a letter to then finance minister Nhlanhla Nene to approve a leasing agreement with an unknown and undisclosed African leasing company.

Nene rejected the proposal and a few days later he was fired.

Source
eNCA