SAA refutes claims of BNP Capital funding debacle
South African Airways is standing by its decision to appoint the firm.
JOHANNESBURG - The South African Airways (SAA) says claims that it is planning to pay BNP Capital R256 million for finding R15 billion worth of financing are not accurate and that the figures displayed in the media are incorrect.
The airline is standing by its decision to appoint the firm, despite a claim from SAA Treasurer Cynthia Stimpel that BNP Capital was being paid more than four times the going rate for such services.
SAA has also denied that Stimpel was suspended because she objected to the decision.
Business Day says it's seen the email from Stimpel in which she says SAA would be over-paying BNP Capital by agreeing to give it R256 million.
But SAA spokesperson, Tlali Tlali, says the financial information that's been reported here is wrong.
"We've information which suggests differently. The figure that's been handed out there in the media indicates that the cost is calculated at a particular rate, which is not an accurate one."
He also says it wasn't the board of SAA that suspended Stimpel but the airline's management team.