StateCaptureInquiry Grissag was to provide SeaCrest with the funds at a 4% interest rate, meaning that SeaCrest would earn the 1.8% difference in interest fees when it forwarded the money onto SAA.
Former SAA head of treasury Cynthia Stimpel told the state capture inquiry on Thursday that a little-known company, BnP Capital, stood to earn a success fee of about R300m for sourcing a loan for SAA - more than three times the normal market fee.
Instead, the board ordered that SAA appoint the Free State Development Corporation to provide the funds for SAA's capital restructuring project. However, after a due diligence was conducted, SAA found that SeaCrest would not be providing the capital directly; the majority of the money would instead be supplied by a company called Grissag.Grissag was to provide SeaCrest with the funds at a 4% interest rate, meaning that SeaCrest would earn the 1.8% difference in interest fees when it forwarded the money to SAA.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SAA unions threaten a total shutdown of aviation industryGovernment given seven days to fire entire SAA board and persuade CEO to stay on
Read more »
Ferial Haffajee: What if FlySafair were to run SAA?If SA insists on having a national carrier, why not let those with a proven track record do the job? asks Ferial Haffajee.
Read more »
WATCH LIVE: 69 people implicated as state capture spotlight turns to SAAEvidence leader advocate Kate Hofmeyer said the evidence to be presented goes straight to the heart of the commission’s terms of reference.
Read more »
SAA in the spotlight at State Capture commission - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.SAA and how it was captured will take centre stage for the next two weeks at the State Capture commission. Evidence leader Adv. Kate Hofmeyr told Deputy Chief Justice Raymond Zondo that testimony will be given regarding a R15-billion capital raising exercise that SAA embarked on in 2015.
Read more »
SAA financials in the spotlight at state capture inquiryTestimony at the State Capture Inquiry reveals alleged interference by 'Number One' in SAA business deals.
Read more »
Jacob Zuma interfered in procurement at SAA, #StateCaptureInquiry hears | IOL NewsFormer SAA treasurer Agnes Stimpel told the Zondo Commission that former president Jacob Zuma interfered in multi-million rand deals at the airline.
Read more »