WATCH: More revelations on SAA’s deal with BNP

BNP Capital was appointed by SAA to provide some narrow financial advice. Courtesy #DStv403

JOHANNESBURG – There were more revelations on the South African Airways deal with BNP Capital at the state capture inquiry on Friday.

Former SAA board chairperson Dudu Myeni has again been implicated in alleged corruption.

It relates to the inclusion of a cancellation fees clause in a contract between SAA and BNP Capital.

The company was appointed to advise SAA on a R15-billion debt restructuring loan.

READ: SAA financials in the spotlight at state capture inquiry

The clause would see the company awarded half the contract's value if it was cancelled.

SAA's former Financial Risk Management head, Cynthia Stimpel, says given the airline's financial position, this was highly unusual.

Stimpel was suspended from the airline in 2016 and believes it was because of her objection to a questionable deal with BNP Capital.

She told the inquiry how she was called into former CFO, Phumeza Nhantsi's office to get the news.

Source
eNCA