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SAA could face court action despite putting ‘unlawful’ deal on ice

SAA could face court action despite putting ‘unlawful’ deal on ice

Old Jul 18, 16, 8:01 am
  #1  
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SAA could face court action despite putting ‘unlawful’ deal on ice

"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
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Old Jul 21, 16, 10:52 am
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Between "DoeDoe" and "Cloudy", we have so much news fodder these days.

Hope that Outa will win this cause. I honestly cannot see how SAA will survive under the current circumstances, but then, while the Gubberment keeps on bailing them out, nothing will change.....
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Old Jul 24, 16, 3:26 pm
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"Chairperson of South African Airways (SAA), Dudu Myeni, wants the embattled airline to pay a R49.9m cancellation fee to BnP Capital.

In a SAA memo, details emerge of a clause stipulating that BnP’s cancellation fee would be R49.9m, which is reportedly below a a R50m threshold for board approval.
"

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Old Jul 25, 16, 9:45 am
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This woman doesn't stop does she? Which relative runs this "Boutique" Financing house?

It absolutely boggles the mind.
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Old Jul 26, 16, 4:13 am
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Originally Posted by roadwarrier View Post
This woman doesn't stop does she? Which relative runs this "Boutique" Financing house?

It absolutely boggles the mind.
It's so blatant! No shame at all. But then if you are in with JZ you get to do whatever you like - and steal just like he does.
Cheetah_SA is offline  

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