Bank won’t lend to SAA as Myeni’s contract is extended

Nedbank has refused to extend loans to SAA, citing Dudu Myeni’s continued presence at the beleaguered national carrier.

Myeni will continue to be SAA chairperson until November despite her contract ending last week, City Press reports.

Her contract was extended by Treasury and she was requested to remain in her position until the AGM in November.

This has apparently angered Nedbank officials, who held a meeting with SAA and executives from Treasury to discuss further loans to SAA.

Myeni is said to have told close friends and colleagues that she would only leave when “ubaba left”.

Nedbank officials said they would not grant loans if Myeni remained until November as Finance Minister Malusi Gigaba had promised she would be gone by then, the weekly reports.

Another high-level source confirmed this.

“They basically said they will find it close to impossible to continue financing SAA if Myeni continues as chairperson.” SAA spokesperson Tlali Tlali said a meeting had been held, but the details of it were confidential.

Standard Bank Chartered and Citibank both revoked loans worth R2.2 billion and R1.8 billion recently, stating they would only finance SAA if Myeni left and government also put forward cash to boost the airline.