South African Airways suspends treasurer amid management turmoil

South African Airways suspended treasurer Cynthia Stimpel pending an investigation into a misconduct charge, the latest in a wave of disciplinary proceedings that have caused management upheaval at the unprofitable carrier. Stimpel’s actions amount to a “breach of SAA’s code of ethics and conduct,” a spokesman said Wednesday, without giving further detail about the charge. The treasurer has been “suspended and not dismissed,” he said. Stimpel had objected to SAA’s decision to award Johannesburg-based BnP Capital a contract to advise on the restructuring of US$1b of debt, Business Day newspaper reported July 7, citing an e-mail she sent to acting CFO Phumeza Nhantsi. The arrangement will see BnP paid a success fee of ZAR256m, about 3 times what the airline’s treasury had estimated. <br/>