BNP Capital tells Zondo Commission how it entered into partnership with SAA

SABC News Daniel Mahlangu - BNP Capital tells Zondo Commission how it entered into partnership with SAA

BNP Capital Director Daniel Mahlangu told the State Capture Commission on Thursday that he was approached by Dudu Myeni’s alleged adviser Masotsha Mngadi and also senior Nedbank employee.

Mngadi’s Inline Trading and BNP Capital entered into a partnership to bid for a transaction advisory services tender at SAA in 2016.

The state-owned airline was looking to consolidate its debt of R15 billion.

Mahlangu testified that Mngadi introduced his company Inline Trading during a meeting they had in 2016. In the meeting, Mahlangu alleges that Mngadi claimed SAA was a client of his and wanted them to respond to a bid.

At the time, SAA had issued a request for information on transaction advisory services for its R15 billion loan consolidation.

The BNP Capital Director told the commission that Mngadi asked for his name to be removed from all documents to SAA. According to Mahlangu, Mngadi asked for his name to be replaced with Brendan King’s name.

Last week, former SAA CFO, Phumeza Nhantsi testified, saying she cancelled the agreement with BNP Capital when she discovered the consultancy’s FSB certificate had expired while Mahlangu testified it was not his intention to mislead SAA about his company’s license.

However, Justice Zondo questioned Mahlangu on why he signed the declaration of interest without checking if Inline’s director had a conflict of interest with SAA.

“I agree with you chair and Ms Hofmeyr that, perhaps, we could have asked that particular question, but in our engagements at that point in time, we didn’t suspect anything. As I said, time was of the essence and perhaps, it’s a question that needs to be asked on constant basis and when we engaged with Mngadi. He didn’t give us any indication that he is involved or has any relationships.”

The commission continues on Friday.  Additional reporting by Amina Accram

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