Former South African Airways (SAA) head of financial risk management Cynthia Stimpel told the State Capture Commission that she was suspended for fighting potential corruption. Stimpel said she had openly opposed a decision to source funding through consulting firms as it meant that the state owned airline would have had to pay more to consolidate its debt of R15 billion.
Stimpel said she knew her job would be on the line if she blew the whistle on irregularities at SAA. She told the commission that she was against a board decision to appoint BnP Capital to provide transaction advisory services and source funding.
Stimpel said she was concerned that the airline was deviating from regular process. This as the use of transaction advisors was not only flawed, but also came at a hefty price of R225 million.
Stimpel was also concerned that SAA would be liable to pay a 50% cancellation fee which amounted to R49.9 million.
Her bid to get hold of BnP documents, which she should have had access to, led to her suspension. A colleague told her that she was not privy to the crucial documents and informed her that he would report her. Stimpel was subsequently suspended for misconduct and for being in possession of confidential documents.
The hearings continue.
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