Politically incorrect since 2009
19 November 2017 19:38 (South Africa)

Former SAA boss Ngqula in the hot seat – with a parachute

saa 01

The much-awaited SAA annual report suggests CEO Khaya Ngqula might have dipped his fingers in the cookie jar. SAA’s results suggest a significant turnaround in the airline’s often precarious financial position. This would be a feather in Ngqula’s cap were it not for a statement by board chairman Jakes Gerwel that, “Preliminary indications from investigations are such that, regrettably, SAA is not confident that all aspects of the Public Finance Management Act, the Companies Act and its own policies (such as procurement policy) have been complied with in the transactions being investigated”. The report also shows that Ngqula was paid a whopping R13,65-million after stepping down a year before his contract was to expire - a payout far larger than the R5,88-million package he earned the year before, Business Day reports.

Get overnight news and latest Daily Maverick articles

Do Not Miss