SAA could face court action despite putting ‘unlawful’ deal on ice
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SAA said on Sunday it had put on hold a deal to restructure R15bn of debt after questions were raised about the awarding of the work.
The board of SAA went against the advice of its own treasury by agreeing to pay boutique financier BnP Capital a R256m success fee to advise the airline on debt restructuring and fund raising without putting the contract out to tender.
SAA has been sustained by state guarantees of around R14.4bn and has asked for an additional R5bn from the Treasury."
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Johan