FlySafair could be facing serious consequences now that the SA International Air Services Council has found the airline non-compliant.
FlySafair ‘non-complaint’, says SA International Air Services Councilhas landed itself in a bit of hot water with the South African International Air Services Council in regards to its foreign ownership structure., after the IASC received formal complaints from both Airlink and Global Aviation, which operates LIFT Airline, in February 2022, FlySafair’s shareholding structure was looked into and now found to be non-compliant.
FlySafair is therefore in violation of this law, as it is primarily controlled by Ireland-based ASL Aviation Holdings, which directly holds a 25% stake and indirectly owns 49,86% . This then brings ASL’s total ownership to 74,86%, largely exceeding the legal foreign ownership limit.After the IASC’ recent ruling, the council plans to announce sanctions against the airline soon.
Elmar Conradie, CEO of FlySafair revealed in an internal communication sent to FlySafair staff, that he was disappointed but relieved by the ruling. He added that they were genuinely committed to remaining compliant and would ensure that the issue was resolved with the minimum possible impact to the business.Financial crime is up, with card fraud and digital fraud reporting the highest increase in 2023 – find out how you don’t also become a victim.
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