NGO Calls on SAA to Cancel ‘Doggy Deal’

OUTA wants the deal between SAA and boutique financier BnP Capital to be cancelled, not to be put on ice

The Organisation Undoing Tax Abuse (OUTA) says it wants the deal between South African Airways (SAA) and boutique financier BnP Capital to be cancelled, not to be put on ice.

This comes after SAA was placed on extended terms by OUTA’s lawyers to provide an undertaking not to continue with the BnP arrangement, failing which legal action would ensue.

The board of SAA had allegedly went against the advice of its own treasury by agreeing to pay BnP Capital a R256 million success fee to advise the airline on R15 billion debt restructuring and fundraising without putting the contract out to tender.

To read the article titled, “OUTA calls on SAA to cancel BnP ‘dodgy deal’,” click here

Source: 
SABC Online

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