Saturday, October 1, 2022
No menu items!
HomeBusinessSouth Africa: SAA Has Built Solid Foundation, Says Board Chairperson

South Africa: SAA Has Built Solid Foundation, Says Board Chairperson



{enclosure_link]

South African Airways (SAA) executive chair, John Lamola, has dismissed claims that the future of the State-owned carrier is at risk.

This after media reports suggested that the carrier is facing liquidation due to delays in the conclusion of the strategic equity partnership (SEP) transaction with Takatso Consortium.

Lamola explained that comments attributed to Acting DG of the Department of Public Enterprises (DPE), Jacky Molisane, about the transaction have been misconstrued.

“On Wednesday… SAA and the DPE were making a scheduled presentation to Parliament’s Portfolio Committee on Public Enterprises on SAA’s 2017/18 annual financial statements.

“An ancillary question related to the progress on the SEP transaction, in relation to funds outstanding from National Treasury for the conclusion of SAA’s Business Rescue Plan – answered by the Acting DG – led to a press story casting an impression that the future of SAA is in peril.

“The news that SAA will be liquidated if the SEP transaction is not concluded has been taken out of context, and the import of the statement made by the Acting DG is exaggerated and blown out of proportion.

“We are in constant contact with the Acting DG. Her views, which are based on a continuous management of all the regulatory, legal and commercial processes common to transactions of this nature, are aligned with those of the board of SAA. The SAA board is constantly monitoring and assessing the corporate risks associated with this transitional period SAA is going through,” he said.