Business 23.9.2016 07:00 am

BnP’s SAA work ‘clean’

An SAA Airbus A340. Picture: Neil McCartney

An SAA Airbus A340. Picture: Neil McCartney

The suspension of their licence does not mean that BnP cannot continue to operate.

BnP Capital (Pty) Limited said the suspension of their licence by the Financial Services Board (FSB) had nothing to do with the work they were doing for SAA.

In a statement released recently BnP said it had never committed any wrongdoing in its transaction with SAA.

It adds the suspension of their licence does not mean that BnP cannot continue to operate.

BnP said it had since put processes in place to comply with the conditions of its licence suspension and the matter would soon be resolved soon.

“In our correspondence to SAA, we informed the airline management that BnP’s FSB licence was a CAT II, which meant that it was authorised to undertake intermediary services, specifically in the private equity space.

“So, the suspension of our licence by FSB had nothing to do with the current work we were doing for the SAA but with our private equity fund, which had been dormant for years,” said BNP.

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