SAA's former acting CEO Musa Zwane and CFO Phumeza Nhantsi have been fired after being suspended in March.
Following the findings of independent disciplinary hearing in March at which they were suspended, SAA’s former acting CEO Musa Zwane and CFO Phumeza Nhantsi have been fired.
They had been placed in suspension after they appointed an unknown boutique financial services firm, BnP Capital, to source R15 billion in debt consolidation funds at a fee of R256 million, under the instruction of SAA chairperson Dudu Myeni.
At the internal disciplinary hearing, the two were charged with gross financial misconduct, negligence and dishonesty, despite their arguments that they had been pressured into it by Dudu at the time.
Current CEO Vuyani Jarana, signed their termination letter:
“In the circumstances, you are hereby notified that your employment with the company is terminated with immediate effect based on the outcome of your disciplinary hearing.”
Nazeer Cassim, chairperson at the hearing, said:
“South Africa can do better. Ordinary South Africans expect better from the rulers of the day. We cannot afford CEOs and CFOs who look after their own interests and not that of the citizens,”
