19 June 2019

South Africa: Dudu Myeni's 'Person' Behind Move to Get SAA to Pay BNP Capital R128 Million

Former SAA interim chief financial officer Phumeza Nhantsi was put under enormous pressure to sign off on a huge payout to BNP Capital. When she resisted, her role as a 'team player' was brought into question.

Just 48 hours into the job as interim CFO at SAA, Phumeza Nhantsi was handed a number for Dudu Myeni's "personal adviser", Masotsha Mngadi, then a senior Nedbank employee.

"Immediately when I joined, Dudu Myeni gave me his number and said he was an adviser and that if there were any questions, I should speak to him.

"This was about two days after I joined."

Mngadi would make contact first. Later, he would actively drive a controversial R15-billion deal involving BNP Capital, a company that allegedly had close ties to Myeni.

The deal raised multiple red flags including governance failures, the presence of a mysterious Russian-linked funder across three different bids, one of which included the Free State Development Corporation.

Nhantsi, a chartered accountant seconded to SAA in November 2015, told the State Capture Commission that when she first asked former board member Yakhe Kwinana about Mngadi and his role at SAA, Kwinana allegedly said he was "Dudu's person".

Nhantsi has been severely implicated...

South Africa

Govt Approves Tormin's Massive West Coast Mining Expansion

Government has given Australian-owned Tormin mine the go-ahead to vastly expand its current extraction of mineral sands… Read more »

See What Everyone is Watching

More From: Daily Maverick

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.