BnP, SAA’s controversial former fundraiser, defends itself
BnP Capital, the company at the centre of the controversy about its role in the SAA R16bn debt restructuring, says it wants to set the record straight on Outa’s allegations
BNP Capital, the little-known financier appointed to help SA Airways restructure its R16bn debt and raise funding, says it is a reputable boutique firm that has worked on deals with companies like Deloitte, Investec, Citi Bank, Standard Bank and Rand Merchant Bank. The financier said it wanted "to set the record straight" against what it called a media campaign led by the Organisation Undoing Tax Abuse (Outa) and others to tarnish its reputation. Last week, Outa filed criminal charges relating to fraud against BnP Capital CEO Daniel Mahlangu for allegedly failing to disclose to the SAA that BNP’s licence had been suspended by the Financial Services Board (FSB) when the SAA deal was finalised. Outa is seeking to have Mahlangu charged for trying to persuade the national carrier to pay a R50m cancellation fee. Mahlangu said he was under attack on the basis of incorrect allegations. "BNP has been conducting its affairs [since 2010] in a professional manner, and has never been found want...
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