The Department of Public Enterprises (DPE) is looking for legal recommendation on whether or not it ought to take action on the alleged leaking of official info referring to the South African Airways (SAA)/Takatso deal.
Fin 24 final week reported that the division’s Minister Pravin Gordhan allegedly lower out advisors and did not seek the advice of with National Treasury on the impending SAA/Takatso deal.
“The department is seeking legal advice on action to be taken on the leakage of official information and the peddling of false and distorted information about this process,” stated the DPE in an announcement.
The article additionally alleged that Gordhan and a few of his officers flew solo on the collection of Takatso as a strategic fairness companion for SAA, opposite to the extensively held impression that RMB was the transaction advisor on the deal.
The DPE has since clarified: “The Rand Merchant Bank (RMB) has been appointed as a transaction advisor to select a Strategic Equity Partner (SEP) for SAA.”
The division says RMB has already undertaken the first section of the analysis course of which included the preliminary analysis section of expressions of curiosity.
Background SAA/Takatso
On 24 August 2020, Harith General Partners notified the DPE of its curiosity in turning into a bidder.
RMB then contacted Harith the following day to formally be part of the course of.
“The second and third processes were conducted by the department. The second and third processes entailed the selection of shortlisted parties to enter into strategic discussions on the potential fit and the
commencement of due diligence, negotiation and signing of transaction agreements,” stated the division.
The DPE then entered right into a non-disclosure settlement with Harith, prohibiting the disclosure of any particulars associated to the course of.
The DPE was at pains to emphasize that the Covid-19 pandemic had a devastating impact on international aviation, which turned more and more debilitating worldwide.
“As a outcome, a few of the events who had expressed an curiosity in the course of couldn’t present the capital required to function the airline.
All events made it clear that the authorities needed to take accountability for all historic prices inclusive of financial institution money owed,” stated the DPE.
According to the division, out of all events, (which the DPE has not disclosed) Harith General Partners was prepared to supply the funding for the new airline.
It then partnered with Global Aviation for aviation administration experience, and it fashioned Takatso Consortium.
The case of the suspended DG
“There is misinformation in the media space that the suspended Director-General was not involved in the SEP process. This is incorrect,” clarified the DPE.
Now suspended DG Kgathatso Tlhakudi, was actively concerned in participating with native and worldwide events wishing to spend money on SAA.
He was intimately concerned in the SAA transaction and additional engaged with the media in the course of.
“Only the Sale and Purchase Agreement was signed by the Acting DG on the 22nd of February 2022 as the DG was on sick leave, but he was privy to the sale and purchase agreement and its contents or terms and conditions.”
Tlhakudi additionally communicated the end result of the expressed curiosity to the events. Furthermore, the letter of acceptance of Harith General Partners as the most popular bidder for SAA was signed by the DG.
“The Department want to condemn the deliberate misinformation that’s being unfold about the transaction and processes of buying the SEPs for SAA.
“This distortion of facts negatively impacts and compromises the process,” concluded the DPE.
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