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Inquiry hears how firm failed to perform due diligence for R15bn SAA deal

Daniel Mahlangu's company BNP Capital served as a transaction advisor to SAA and was bidding to secure a R15 billion loan for the ailing airline in 2015.


A YouTube screengrab shows Daniel Mahlangu, the sole director of BNP Capital, at the state capture commission on 27 June 2019.

JOHANNESBURG - A businessman linked to a company that scored a lucrative contract from the South African Airways (SAA) has testified at the state capture inquiry about how the firm failed to do due diligence in their tender submissions.

Daniel Mahlangu's company BNP Capital served as a transaction advisor to SAA and was bidding to secure a R15 billion loan for the ailing airline in 2015.

BNP Capital partnered with Inline Trading, an entity that was owned by Masotsha Mngadi.

At the time, Mngadi was an advisor to then SAA board chairperson Dudu Myeni.

It soon emerged that Inline Trading couldn't produce any financials when SAA asked them to do so in their request for a proposal document.

Mahlangu said his company did not vet Mngadi's entity.

“It was based on what was available. I mean even in his email, Mr Mngadi would say time is of essence. So, when we actually got there, there was no question of questioning who were are before running because we didn’t have that luxury of time.”

LISTEN: SAA still in spotlight at state capture inquiry