Defiant treasurer suspended at SAA

13 July 2016 - 09:56 By Andiswa Maqutu


Embattled national carrier South African Airways (SAA) has suspended its treasurer Cynthia Stimpel for "misconduct" as the board continues to remove defiant staff members. Last week‚ Business Day reported that Stimpel had objected to SAA appointing unknown "boutique financier" BnP Capital to advise it on the restructuring of its R15-billion debt and to raise the funding‚ in return for a R256-million success fee.However‚ on Tuesday‚ SAA would not give details on the reasons for her suspension‚ citing only "misconduct".SAA spokesman Tlali Tlali confirmed on Tuesday that Stimpel had been suspended‚ but denied that the step had been taken due to her objections to the deal with BnP Capital."The matter is receiving attention within the company‚" said Tlali.On May 20‚ Stimpel sent an email to SAA acting chief financial officer Phumeza Nhantsi saying that the airline would be paying at least three times more than it needed to for BnP Capital’s services. She recommended an open tender process.Business Day www.bdlive.co.za explores the suspensions‚ resignations and internal investigations of key staff at the struggling airline over the past year.TMG Digital/BDlive

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day or Financial Mail websites? Sign in with the same details.



Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.