Today's Big Stories

SAA to reportedly pay BnP Capital R49m after ditching dogdy deal

South African Airways (SAA) Chairperson Dudu Myeni intends paying a R49.9m cancellation fee to BnP Capital, according to weekend reports.

The amount is just under R50 million, which is the threshold that requires board consultation and approval.

This comes after the airline had to cancel the deal that would have seen SAA pay the boutique financier R256 million to facilitate loans of R15 billion.

Civil group Organisation Undoing Tax Abuse (Outa) revealed that BnP Capital had its Financial Services Board (FSB) licence revoked and was misrepresenting its state of affairs.

Outa's Ivan Herselman says that Myeni would be contravening the Prevention and Combating of Corrupt Activities Act if she were to pay the cancellation fee.

She's going to end up in jail if she does that. That would amount to a corrupt activity. She's sailing very close to the wind.

Ivan Herselman, Outa Director of Legal Affairs

He says that Myeni has shown, on several occasions, that she is a delinquent director who should be removed.

Outa will lay fraud charges against BnP Capital, which would have benefited between three to six times more than any other financial services provider in the market, had the contract gone through.

According to Herselman, Outa will also report SAA and BnP Capital management to their the respective professional bodies, in addition filing action with the Companies Commission.

Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies:

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