Mango's business rescue practitioner Sipho Sono is heading to court in a bid to access the remaining funds government allocated to the low-cost subsidiary of South African Airways | Fin24
If the process to find a buyer for Mango does not work out, the airline would have to be wound down.The DPE has, however, set certain conditions before SAA is allowed to transfer this money to Mango.
Parliament approved a special allocation of R819 million for Mango's restructuring, from R10.5 billion allocated to SAA by Treasury. The process to find an SEP was initiated early in December last year and Gordhan expects it to be finalised in the next few months. Furthermore, he is concerned that the refusal by SAA and the DPE to transfer the balance of funds could have a negative impact on the investor process.
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