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Phumeza Nhantsi says wasn’t aware Treasury blocked SAA funding from FDC

phumeza 1 - Phumeza Nhantsi says wasn’t aware Treasury blocked SAA funding from FDC

JOHANNESBURG – Former South African Airways (SAA) CFO Phumeza Nhantsi said she was not aware that National Treasury met with the Free State Development Corporation and blocked them from funding SAA.

The corporation was SAA’s choice to source funding but was shut down by Treasury because it did not have the mandate to provide the airline with funding.

Nhantsi testified at the Zondo Commission of Inquiry on Tuesday about how the board, chaired by Dudu Myeni, wanted to appoint the Free State Development Corporation to source the R15 billion to finance its debt.

But the deal was scrapped by the National Treasury.

Despite being the CFO at SAA at the time, Nhantsi said she was not aware of this.

“The formal communication between the National Treasury and SAA is via the chairperson of the board, the National Treasury would write to the SAA. So, one of the reasons perhaps we engaged and we didn’t stop at that time, they never wrote to us and said FDC doesn’t have a mandate.”

Nhantsi claimed she later realised she was being used as a political pawn after she discovered that FDC’s board chairperson was African National Congress secretary-general Ace Magashule’s sister.

EWN

The post Phumeza Nhantsi says wasn’t aware Treasury blocked SAA funding from FDC appeared first on iAfrica.com.

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