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

By Daily Maverick Legacy 30 September 2009

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.

Gallery

While we have your attention...

An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.

Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.

Click here to become a Maverick Insider and get a closer look at the Truth.


SCORPIO

SARS & Gartner – global advisory giant’s mysterious deal with Moyane’s friend follows a pattern of tender corruption

By Pauli Van Wyk

"We spend the first year of a child's life teaching it to walk and talk and the rest of its life to shut up and sit down. There's something wrong there." ~ Neil deGrasse Tyson