South Africa: ACSA Counts the Cost of Former CEO's Financial Misconduct

A queue of frustrated passengers at the Port Elizabeth airport on November 15, 2019, after SAA cancelled flights.
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Lindani Mukhudwani, Acsa's acting CFO, told shareholders at an AGM on Friday 8 November that the SOE is still investigating the extent of financial misconduct under axed CEO Bongani Maseko's watch.

A year since Bongani Maseko was fired as CEO of the Airports Company SA (Acsa) after he was named in several forensic investigations for alleged financial misconduct, an internal audit of how much damage he inflicted on the state-owned enterprise (SOE) is yet to be concluded.

Acsa is 74.6% owned by the government and manages SA's nine biggest airports, including OR Tambo International in Gauteng, Cape Town International in the Western Cape, and King Shaka International Airport in KwaZulu-Natal.

Unlike its debt-laden and tax-guzzling SOE peers, Eskom and South African Airways (SAA), the government has never bailed out or loaned additional funds to Acsa since its incorporation in 1993 because it is profitable.

But Acsa, a monopoly on airports in SA, has hallmarks of Eskom and SAA.

Acsa hasn't had a permanent CEO since Maseko's employment contract was not renewed in November 2018 (he was essentially fired) - ending his 18-year-long career at the SOE that involved him serving in various roles and appointed as CEO in May 2013....

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