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SAA confirms R256m deal with BNP Capital

BNP Capital has been hired by the airliner to help it secure R15 billion worth of financing.

Picture: AFP

JOHANNESBURG - South African Airways(SAA) has confirmed that it's using a small financial firm called BNP Capital to help it secure R15 billion worth of financing, but says it followed all the correct procedures in making the decision.

The Business Day reported this morning that the company would receive R256 million for securing the financing.

The newspaper says that an internal email from SAA's head of treasury showed that the airline would be paying the firm three times more than it needed to.

But the airliner's Tlali Tlali says they have done the right thing in making this decision.

"The appointment was in accordance with the prescribed procurement processes. SAA is satisfied that it applied its mind appropriately."

He also says the final decision to use this company was signed off by SAA chair Dudu Myeni.

"We are also confident that the process followed was compliant with the governance framework."

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