SAA paid Ngqula R9,35m to terminate contract

Former South African Airways (SAA) CEO Khaya Ngqula was paid a total of R13,651-million in the past financial year, it emerged on Tuesday.

According to SAA’s 2009 annual report—tabled in Parliament—Ngqula was paid a salary of R3,831-million, and termination of contract benefits of R9,35-million.

The balance was made up of fund contributions and a retention premium.

On Monday, SAA board chairperson Jakes Gerwel said significant progress had been made into investigating the alleged mismanagement of the former CEO.

Gerwel told media that a preliminary report had been completed by auditors KPMG.

“This preliminary report has been handed to the SAA board,” he said.

“The forensic report is not complete but we are closer to finalisation,” Gerwel said.

Asked when a new CEO would be appointed, Gerwel said a professional recruitment firm had been appointed to assist with the process.

“The appointment should happen soon,” he said, confirming that acting CEO Chris Smyth was one of the candidates.

Earlier SAA said it had reported a surprise profit for the year ending March 2009 due to fundamental restructuring.

Net profit came in at R398-million against a net loss after restructuring costs of R1,085-billion previously, the airline said. - Sapa

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