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SAA's BnP capitulation 'victory for whistleblowers, taxpayers'

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Cape Town - The decision by South African Airways (SAA) to terminate the services of BnP Capital as a financial services provider to the airline is a victory for whistleblowers, the Organisation Undoing Tax Abuse (Outa) said on Thursday.

SAA announced earlier on Thursday that it had terminated its appointment of BnP Capital as transaction adviser and its appointment to source funds on behalf of the airline. According to SAA, the decision was communicated to BnP Capital on Wednesday.

Outa, however, claimed SAA has terminated the services of BnP because of its (Outa's) exposure and legal challenge to SAA's board members. Outa accused the national carrier of being complicit in behaviour "that would have enabled a virtually unknown middleman - Daniel Muhlangu of BnP Capital - to obtain a financing deal of over R250m".

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