Former Board member of South African Airways (SAA) Yakhe Kwinana. File Picture: Itumeleng English/ Independent Newspapers
Image: Itumeleng English
Yakhe Kwinana, 60, a former member of the South African Airways (SAA) board, has recently found herself in the eye of a legal storm as the North Gauteng High Court dismissed her application to review a significant decision made by the South African Institute of Chartered Accountants (SAICA).
SAICA is a prominent accountancy membership body which acts in the public interest and safeguards the values of the chartered accountancy profession.
The court's ruling means Kwinana will remain struck from the roll of chartered accountants after SAICA determined she was not a fit and proper individual to continue her professional practice.
The disciplinary measures followed a referral from the Zondo Commission of Inquiry into Allegations of State Capture, which explicitly questioned Kwinana’s competency and adherence to the ethical standards expected of a chartered accountant.
In March 2023, SAICA imposed penalties against her, including a hefty fine of R6.1 million.
In court papers, SAICA said after the penalties were imposed, Kwinana didn't challenge the findings because she and her legal representative walked out of the disciplinary hearing on the first day and never returned.
However, she acknowledged receipt of the email with the findings and said she would fight the matter in court.
When making a ruling, Judge Elmien du Plessis said Kwinana undermined her position by choosing to leave the disciplinary hearing.
"That was the appropriate forum to challenge SAICA's evidence and present her version of events. In the absence of her participation, the committee was left with credible and comprehensive evidence untested by any contrary account," said judge du Plessis.
In a further escalation of her legal troubles, Kwinana was arrested on Wednesday on multiple serious charges, including extortion and malicious damage to property.
Allegations have emerged suggesting Kwinana orchestrated a reign of terror within communities in East London, reportedly extorting money while accompanied by armed accomplices and even directing the demolition of properties owned by her alleged victims.
Police arrested Kwinana in Midrand, Gauteng, following actionable intelligence.
During her brief appearance in the Randburg Magistrate's Court on Wednesday, the prosecution revealed that her case will be forwarded to the Eastern Cape, where she is set to reappear on March 24, 2025.
Kwinana's recent arrest is not her first encounter with law enforcement. Back in November 2024, she was released on R20,000 bail after being accused of fraud in connection with her dealings at SAA.
“The charges emanate from her failure to disclose past contractual relationships with two entities, namely, PricewaterhouseCoopers (PwC) and Nkonki Incorporated that were awarded a tender worth R59 million as joint auditors by the SAA for auditing services for the 2011/2 financial year,” said NPA spokesperson Phindi Mjonondwane.
The State alleges that Kwinana, in her capacity as the chairperson of the audit committee of SAA and a member of its accounting authority, failed to comply fully with the fiduciary duties imposed on her by the provisions of Section 50 of the PFMA.
She allegedly failed to disclose to either PwC, Nkonki or the board of directors of SAA or the audit committee of SAA that Kwinana and Associates, of which she was the sole director, had previous contractual relationships with PwC and Nkonki and thereby caused prejudice to the proper administration of the affairs of SAA.
sinenhlanhla.masilela@iol.co.za
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