SAA board supporter resignation - too late to escape
“The resignation of Ms Yakhe Kwinana from the SAA board is an insincere and selfish move which smacks of a self-preserving act by a person around whom the walls of an investigation are closing fast,” Ivan Herselman, OUTA’s Director of Legal Affairs.
“OUTA has been investigating Ms Kwinana’s conduct and dubious interference in decision making as an SAA board supporter for some time now, and her conduct falls short when compared with that of a reasonable board supporter. She may run, but she cannot hide, as her fingerprints are all over the cookie jar and they’re not going to go away”, says Herselman.
“OUTA is of the opinion that Ms Kwinana’s conduct was unbecoming for a professional person in her position. Most notably, we believe she has acted with disregard for the principles and practises that govern her profession as a chartered accountant. Her behaviour does not comply with the ethics contained within the Code of Professional Conduct, as prescribed by the South African Institute of Chartered Accountants (SAICA).”
The Organisation Undoing Tax Abuse (OUTA) will level a list of notable acts of misconduct against Ms Kwinana which we believe will prove her a delinquent director, the most recent one being the appointment of BnP Capital as transaction advisor for the South African Airways (SAA). She approved this deal, not only by signing it, but also by endorsing a resolution about it. She ignored the requisite internal control measures relating to transactions of this nature, and also ignored sound internal advice from the airline’s treasury department on the matter.
“In our opinion, Ms Kwinana’s lack of oversight when exercising these decisions, not only as an independent board supporter but also as a chartered accountant and the chair of the board’s audit and risk committee, is a serious offence. We also investigated other allegations of misconduct, such as intimidation of a number of executive staff supporters on issues of procurement of service providers, whilst exercising an active role in influencing certain service provider appointments.”
Herselman says that in OUTA’s quest to show that Ms Kwinana acted unlawfully and have her declared a delinquent director, OUTA will officially request that Kwinana & Associates, the auditing firm owned by Ms Kwinana, be declared unfit to do business with government. “We will also be requesting national Treasury to place a restriction on all organs of state from entering into any new business which has Ms Kwinana as a director, as her alleged unlawful conduct renders her unfit to provide services to government.”