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Former treasurer lays bare SAA corruption at state capture commission

14 June 2019 1:43 PM
Tags:
SAA
Zondo commission of inquiry
Cynthia Stimpel

Cynthia Stimpel says BNP Capital was appointed to provide financial advisory services the national carrier could easily handle.

Former South African Airways (SAA) group treasurer Cynthia Stimpel is the latest witness to appear at the Zondo commission of inquiry into state capture on Friday.

According to EWN reporter Barry Bateman, Stimpel spoke out against a highly irregular financial deal.

She says she risked losing her job but couldn't keep quiet.

She also revealed that she has been frustrated with some of the operations but she was shut down when she tried to raise her concerns.

Read: 'State capture and corruption remain to be the cancer that needs to be removed'

This is related to SAA approving the appointment of BNP Capital to provide financial advisory services to the national carrier in 2015.

Barry Bateman, Senior reporter - EWN

Stimpel says she tried to question the appointment of BNP to help SAA secure a loan because there were people who are capable who can easily handle the deal but were overlooked.

BNP was set to benefit more than R150m to offer advisory services.

She reported the matter to National Treasury and to the Public Protector as well as the Organisation Undoing Tax Abuse (Outa).

Barry Bateman, Senior reporter - EWN

It appears that it was only Outa that took her seriously and it resulted in Outa seeking an interdict to stop BNP project from going ahead. That was successful but Stimpel found herself at the end of a disciplinary hearing.

Barry Bateman, Senior reporter - EWN

The hearing dragged for more than eight months until Stimpel got tired, took a settlement and left SAA.

To hear the rest of the conversation, listen below:


14 June 2019 1:43 PM
Tags:
SAA
Zondo commission of inquiry
Cynthia Stimpel

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