The bankrupt, state-owned SAA airline company will manage to pay its staff salaries for January, but that’s where it all ends. With a bankrupt government failing to fulfill its pledge to pump another R2bn into the soe, it looks as if SAL will not remain standing. The airfreight company faces three serious problems, and the..
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SAA’s wings cut – bankrupt SOE can only pay salaries in January
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Cash-strapped SAA cancels 38 domestic and international flights
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SAA has confirmed its cancellation of 38 domestic and international flights between OR Tambo International Airport and Cape Town, as well as between Johannesburg and Durban’s King Shaka airports. In a statement, the airline said: “These decisions are in line with SAA’s usual policy of reviewing flights and consolidating services with low demand. Furthermore, during..
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SAA director resigns from his post amid crisis at state entity
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SAA director Martin Kingston resigned from his post, and the move was welcomed by the communist-minded Numsa union as well as the trade union Sacca. The two unions also said the rest of SAA directors should follow Kingston’s example and submit their resignations. Kingston’s resignation comes after Bloomberg said in his report there is no..
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SA Airline shocks the country after flight incident – faulty, secondhand component of Mango Boeing turns passengers’ flight into nightmare
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An investigation into a flight incident which occurred on a Mango Boeing 737 aircraft has unearthed the extent of South African Airways’ problems, according to a report in the Sunday Times. Passengers on a recent Mango flight from Johannesburg to Cape Town were terrified when the aircraft suddenly nosedived, forcing the pilot to make an..
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SAA pilots willing to strike to ‘save’ national airline – will be a first in its 80-year existence
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SAA pilots said on Thursday they were willing to go on strike, if necessary, unless “critical operational and technical deficiencies” were addressed. The Pilots Association has begun the process of recruiting among its members to determine how they think about the possibility of strikes. SAA has a history that its pilots will not go on..
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National Treasury gives SA Express a R300 million bailout
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The National Treasury has just announced that it has committed R300m to drag the bankrupt SA Express airline of its financial difficulties. The company’s Chief Executive Officer, Siza Mzimela, disclosed the information to the media. The airline company needs the R300m guarantee to keep its wings up and does not have the ability to obtain..
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How much taxpayers money has been thrown into SAA’s black hole to stay afloat?
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Billions and billions have been thrown at The South African Airways (SAA), but the airline don’t have much to show for it. It’s hard to recall a time when the limpest of all our state-owned entities was successful on its own two feet. It has a history of relying on fiscal interventions, needing contributions from..
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Struggling airline under ANC control is apparently under extremely difficult financial circumstances and will now be rescued by commercial banks – This is the result of corruption and incompetence, celebrated in the ANC ranks
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South African commercial banks are basically prepared to help the instable SA Airways with R3.5bn as a lifeline. The struggling airline needs the funds very urgently to meet his short-term obligations. SAA’s Chief Executive Officer, Vuyani Jarana, says the amount is needed to maintain its operational duties until April. Jarana, says it is clear that..
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Desperate times calls for desperate measures, but is this the right thing to do? After all financial losses occurred due to incompetence, negligence and corruption – SAA is borrowing R3.5bn from local banks
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South African Airways (SAA) received a R3.5bn loan to keep it going until the end of March. This forms part of the R21,7 billion SA management believes is needs to make its turnaround strategy succeed. SAA spokesperson Tlali Tlali confirmed the R3,5bn was received from local banks. This comes after National Treasury gave R5bn to..
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SAA airline finds itself in a perpetual debt trap that it just can’t escape from without government bailouts – all this because of incompetent ANC politicians, mismanagement and corruption
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There’s a lot to take in with this story below of what could potentially become a massive crisis for the South African fiscus and taxpayer. In a telltale sign, suppliers to SAA are slashing their payment periods from 21 days to 7 days amid fears of a total collapse in the airline’s finances. This alone..
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Fraud and theft behind SAA bankruptcy – SAA’s debt is currently R15 billion more than its assets, and banks will no longer lend the airline any money
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While the airline is required to present its financials by the end of the month, it cannot do so as it’s technically bankrupt. A report in The City Press on Sunday documents the massive financial problems of state-owned airline South African Airways (SAA). According to the report, SAA’s debt is currently R15 billion more than..
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All aboard the money flight – SAA executive consultants paid R16 million salaries
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Embattled national carrier, South African Airways (SAA), has admitted to paying R16 million in executive consultancy fees. This includes R10 million for three personnel working on a six-month contract. Problems keep boarding SAA on a flight destined for collapse. This year alone, the airline received over R15 billion in government bail-outs. It’s been argued that..
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SOUTH AFRICA IS RULED BY SMUGGLERS
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According to a report in today’s report, the SA Defense Force tried to smuggle a consignment of guns and ammunition to Cuba without a permit. In addition, they wanted to load this weapon on a hired SAL flight to Havana, which would also carry passengers. Not the airline, the pilots, was aware of the nature..
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Cash-strapped SAA go on spending spree to address skills shortage
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Embattled national carrier, South African Airways (SAA) has dug deep into its purse in a means to address a “severe” skills shortage. As the Mail & Guardian reports, the airline has splurged millions appointing executives and commissioning foreign consulting firm, shortly after it received its latest bailout amounting to R5 million. According to the publication,..
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Airlaine SA Express has been grounded amid serious safety concerns
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The South African Civil Aviation Authority suspended the airline’s operating permits on Thursday‚ saying: “This effectively means that as of today … SA Express can no longer continue to operate as an airline.
Nine of SA Express’s 21 aircraft also had their certificates of airworthiness withdrawn.
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