On 28 November, the IASC may ground FlySafair’s international flights as it has deemed its shareholding structure non-compliant with local regulations.
South Africa’s largest domestic airline, FlySafair, finds itself in increasingly hot water regarding its shareholding structure which has been deemed non-compliant with local regulations.
Under local law, domestic airlines must be substantially owned by South African citizens, and competitors have argued that FlySafair is majority-owned by foreigners. When FlySafair was first launched in 2014, Comair argued that it was not majority South African-owned and, therefore, should not have been allowed to operate.
“I don’t seem to understand why it would be that this time around, they think the IASC read the regulations wrong and would not apply them.”“Since our most recent structural changes in 2019, FlySafair has fully co-operated with regulatory authorities to ensure that our shareholding and control mechanisms remain transparent.”
For example, Airlink would have pushed for Qatar Airways to buy more than 25% of the company if it thought it would comply with local regulations outlining South African ownership. Leitch expects the IASC to issue a final notice to FlySafair to rectify its shareholding rather than shut down the airline before December.
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