Johannesburg – Airports Company South Africa (ACSA) says it views the Special Investigating Unit (SIU) probe into interest swap contracts, flagged by the Zondo Commission, as an important step in ensuring the integrity of its operations and maintaining the public’s trust.
Amounts paid to implicated persons concerning the interest swap agreements are approximately R50 million.
The Zondo Commission Report made findings that the interest swap contracts were procured through corrupt means and recommended that ACSA take steps to recover the amounts paid to implicated persons.
On Wednesday, ACSA said: “Pursuant to obtaining the Report, from January 2022 onwards, ACSA developed an implementation plan, which included extensive due diligence and engagements with implicated parties, with the intent of sourcing documents.
“The due diligence lasted six to eight months and culminated in internal reports consolidating all information received.
“Upon concluding the due diligence exercise in March 2023, the ACSA Board passed a resolution to refer the recommendations to the SIU for further investigation and litigation to recover any losses or damages suffered by ACSA.”
Earlier this week, the SIU announced that President Cyril Ramaphosa had signed a proclamation that gave it the go-ahead to probe the ACSA interest swap contracts.
Proclamation 228 of 2024 addresses allegations of maladministration and financial mismanagement in the affairs of ACSA regarding Interest Rate Swap Agreements: Investigating agreements with various banks, as highlighted in the Judicial Commission of Inquiry into State Capture.
The investigation will look into improper or unlawful conduct by ACSA employees or officials.
This includes the unlawful appropriation or expenditure of public funds or property; irregular or unapproved transactions, practices, or measures involving state property; intentional or negligent loss of public funds; damage to public assets; and offences outlined in the Prevention and Combating of Corrupt Activities Act, 2004.
The investigation also extends to any unlawful or improper conduct by individuals causing or potentially causing significant harm to public interests.
The SIU said the proclamation covers allegations of unlawful and improper conduct that occurred between 1 January 2008 and 22 November 2024, as well as any related activities before 1 January 2008 and after the date of the Proclamation that is pertinent to the matters under investigation or involve the same persons, entities, or contracts.
ACSA said it views the SIU “investigation as an important step in ensuring the integrity of our operations and maintaining the public’s trust”.
ACSA said it remains focused on delivering safe, efficient, and world-class airport services, while always acting in the best interests of South Africa.
