Tlhakudi says SAA has been undercapitalised for years, but Scopa minutes show it received R32bn in cash bailouts, and guarantees of R19bn from 2003-2019
In a beautiful twist of irony, the acting director-general of the department of public enterprises, Kgathatso Tlhakudi, tells us that we now live in a world where facts don't appear to matter, and then proves that facts don't matter to the department when it comes to SAA . He writes as if he, the minister he serves and the department have been mere spectators to SAA's demise and not the root cause of it.
The reason SAA has no capital is because it lost it all through poor management, corruption and a more efficient private sector that outperformed SAA while its management was stealing the company blind. Tlhakudi explains that Bain & Co advised in 2018 that SAA's liquidation will cost the state between R30bn and R50bn. The cost of the so-called business rescue tallies to at least R34bn, and you can add another R40bn for a new fleet of aircraft.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Restructured SAA will boost aviation sector and act as a vital lifelineNational airline can fly high again and ensure affordable air travel and better connectivity
Read more »
Restructured SAA will boost aviation sector and act as a vital lifelineNational airline can fly high again and ensure affordable air travel and better connectivity
Read more »
David Mabuza calls in sick, againThe deputy president asks parliament to postpone his question and answer session
Read more »
Herewith please find my perfectly sound bid to buy TikTokI am fully qualified to own and operate TikTok’s US business by virtue of me satisfying President Donald Trump’s key criterion: not being Chinese
Read more »
Restructured SAA will boost aviation sector and act as a vital lifelineNational airline can fly high again and ensure affordable air travel and better connectivity
Read more »
Restructured SAA will boost aviation sector and act as a vital lifelineNational airline can fly high again and ensure affordable air travel and better connectivity
Read more »