SAA fires CFO, CE

Crisis hit South African Airways has fired suspended executives Musa Zwane and Phumeza Nhantsi following the findings of independent disciplinary hearing led by Nazeer Cassim SC. One of the executives said Wednesday that SAA informed them that its board had resolved to terminate their services. This follows Cassim finding both guilty of gross misconduct on 3 of 4 charges put before them. The pair had been placed on suspension for recommending to SAA’s board in 2015 that the airline get into a contract with unknown boutique financier BnP Capital to raise ZAR15b (US$1.08b) to consolidate SAA’s debt in return for ZAR256m fee or 1.5% of the debt. Cassim also found the two to have acted dishonestly when they recommended SAA pay BnP a ZAR49m cancellation fee after the airline cancelled the deal. <br/>