Former South African Airways (SAA) Head of Financial Risk Management, Cynthia Stimpel will on Friday continue her testimony at the State Capture Commission in Johannesburg.
Thursday, she explained to Judge Raymond Zondo how debt advisory company, BnP capital, was awarded a R225-million success fee for sourcing a R15-billion debt consolidation loan for SAA.
Stimpel further gave evidence on how the BnP contract was cancelled and how the company still insisted on being paid a 50% cancellation fee.
Stimpel who was in France for a pilgrim holiday says she was shocked when she learned via WhatsApp that BnP Capital had been awarded R225-million success fee contract for sourcing a R15-billion loan for SAA.
She then decided to inform treasury and also benchmarked the 225 against what other competitors would offer in the market. She says other companies offered much lower transactional costs some even as low as R85-million.
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