-
South Africa: SAA Poised for Take-Off in September
SAnews.gov.za, 26 August 2021
South African Airways (SAA) has announced that it expects to resume operations on the Johannesburg-Cape Town route and other African destinations on September 23. Read more »
-
South Africa: SAA's New Wings Undermined By Pending Questions About Its Funding Model
Daily Maverick, 17 June 2021
The consortium that plans to buy a majority stake in SAA is yet to raise funding for the troubled airline. There are also questions about whether the Department of Public… Read more »
-
South Africa: Hijackers On Board - This Is How Dudu Myeni Tried to Carpetbag the SAA Airbus Deal
Daily Maverick, 12 August 2021
When Cynthia Stimpel received word that a dirty deal between SAA and BNP Capital had been signed off -- a deal against which Stimpel had given strict orders -- she didn't hesitate.… Read more »
South African National Carrier Ready But Costs Still Up In Air
South African Airways (SAA) has announced plans to resume flights into the region. The carrier plans to resume flights on September 23, 2021 after emerging from a 15-month business rescue process in April 2020 and nearly two years after its flight operations were grounded.
SAA had suspended flights in response to the adverse effects of Covid-19, which led to international travel restrictions. However, the sale of a 51% SAA shareholding to a private sector consortium has not been concluded. This means that the airline will take to the skies without the U.S.$201,3 million working capital that was promised by the consortium that plans to purchase most of its shares.
This means when it resumes its flight operations, SAA will still be an airline wholly-owned by the South African government.
InFocus
-
The Department of Public Enterprises has identified two investors that are set to acquire a majority shareholding in South African Airways (SAA), a move that will see the government no longer wholly owning the troubled airline, writes Ray Mahlaka for Daily Maverick. This marks a step-change in the government's approach to the ownership of troubled state-owned entities. The future ownership model of SAA will be similar to Telkom's.
SAA was last profitable
Read more » -
Former South African Airways (SAA) chairperson Dudu Myeni did not appear at the Zondo Commission of Inquiry when the body resumed its examination of alleged state capture among government officials. With lawyers for the commission complaining that repeated efforts had been made to reach Myeni, Judge Raymond Zondo ordered a criminal complaint to be laid against the delinquent director. Dudu Myeni joins her close ally Jacob Zuma in being officially on the run from the Zondo Commission, after the
Read more » -
National carrier South African Airways (SAA) has been the albatross around the necks of the South African government and the country's taxpayer for decades. The mismanagement at the airline over the years, knows no bounds and like power utility Eskom, has seen several CEO and chairperson changes after the rot in its financial affairs were exposed. The airline has received several bailouts from the government since 1994, to
Read more » -
Finance Minister Tito Mboweni and Public Enterprises Minister Pravin Gordhan have defended the controversial decision to secure South African Airways (SAA) a U.S.$643,838,000 lifeline that will see budgets of crucial service delivery programs cut to shift taxpayer funds to the bankrupt airline. Mboweni contends that unlike previous bailouts to SAA - amounting to roughly U.S.$3.4 billion since 1994 - the latest will set the airline on a path of recovery under a business rescue process. Previous
Read more » -
The Department of Public Enterprises has urged pilots to accept South African Airways' voluntary severance packages. This comes as a majority of the embattled airliner's creditors voted in favour of the SAA business rescue plan and allow commercial banks to be paid the U.S.$113.6 million owed to them.
Read more » -
"The board of SAA has adopted a resolution to place the company into business rescue. This decision is supported by government," Public Enterprises Minister Pravin Gordhan said in an official statement. The national airline has been struggling for years with gross financial mismanagment and received several bailouts from government over the years.
Read more »
