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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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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Suspended NPA boss hired to clean up SAA’s mess – SAA, who has been bankrupt after years of mismanagement and corruption now wants to make a turnaround – Is it to late?
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SAA, bankrupted after years of mismanagement and corruption, has named former prosecutions boss Vusi Pikoli as its chief risk and compliance officer as part of an effort to clean up governance at the airline. Pikoli is currently an adviser to the state security minister and was suspended as NPA boss by Thabo Mbeki in 2007…
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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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Boycott South African Airways – Here’s why!
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Boycott SAA because it wastes R5 billion annually. That could fund 120 000 university students, 50 000 RDP houses, 10 (300-bed) hospitals, 300 schools, or 30 000 police. It is your patriotic duty to do so. If you are unpatriotic, it is your ethical duty. If you are unethical, it is your familial duty. If..
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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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BREAKING NEWS:- SAA has already eaten through more than half of its R5 billion bailout
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South African Airways seems to be a bottomless pit. South African Airways (SAA) has already spent more than half of its recently approved R5 billion government bailout.
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So here we go again:- SAA will receive ‘final’ bailout of R5 billion, says Department of Public Enterprises
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According to the Department of Public Enterprises, this R5 billion bailout will be the final financial hand-out afforded to the ailing national carrier.
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Everything that the ANC has laid its hands on since 1994 has been tainted, yet ANC members of Parliament say that there is absolutely nothing wrong in our country
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Everything that the ANC has laid its hands on since 1994 has been tainted. Institutions, municipalities and services are collapsing. There is not a single success story. Things will only change if the ANC is ousted at the polls. At this late stage, the ANC itself cannot even agree on what is wrong in South..
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Be careful:- Sleeping passengers ‘robbed’ in mid-air on SAA flight
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Passengers aboard an SAA flight were allegedly robbed in mid-air of cash and jewellery as they slept on a flight between Johannesburg and Hong Kong.
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ANC regime exploiting taxpayer’s money more and more – Treasury writes off R23 billion, SAA will get more money
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The Treasury has announced that it has written off almost R23 billion of government’s SA investment. In the previous financial year, R13 billion was written off and Treasury expects SAL to show losses until 2020. According to economists, it is clear that state-owned entities are exploiting taxpayers hard earned money and that these enterprises are..
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Breaking News:- Six SAA pilots retire at the same time
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Six senior South African Airways (SAA) pilots were missing from the sky this month, as all six retired simultaneously. Between them, Captains Fanie Coetzee, André Nagel, Elmer Leeuvennink, Ken Badenhorst, Gerry O’Neil and senior officer Louis Nel have more than 200 years of service.
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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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State-owned enterprises: Which one costs South African taxpayers the most money?
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South African state-owned enterprises set the stage for a sad affair. The sordid tale of bottomless funding vanishing under the unexplainable guise of ‘irregular expenditure’ – the millions become indiscernible from the billions, spoken of as fictitious currency. But the money is very real, and it trickles into government coffers through the tax tear in..
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Costly Head winds pummel the South African Airways
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Finance Minister Nhlanhla Nene has demanded an explanation from SAA for its contract with interim chief financial officer Robert Head that will see him pocketing more than R5‑million for six months’ work.
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