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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Costly Head winds pummel the South African Airways
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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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After a Quarter Century of Black Rule in SA, “Blacks” Still Blame “Whites” For EVERYTHING! When will blacks appropriate accountability, responsibility, duty and honour?
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Despite being in charge and control of everything from Taxes, Budget, Finance, Police, Army, Hospitals, Roads, Municipalities, Councils, Parliament, Judiciary, Customs, etc. etc. the black majority government in South has been unable to do anything more than consume the wealth that whites created prior to 1994.
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Cash strapped state airline SAA goes on spending spree
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Struggling state airline SAA is splurging millions on executives and consulting firms in a spending frenzy that has been described as “worrying”.
Its recently appointed chief executive, Vuyani Jarana, has said the increased expenditure is necessary to address a severe skills shortage.
The Mail & Guardian has established that SAA, which last week received yet another R5‑billion bailout from the treasury, is paying R25‑million to Deutsche Bank in a deal to analyse its financials and restructure its debt.
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Cyril Ramaphosa’s First Quarter Economy Contracts and Performs Worse Than All of Zuma’s!
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South Africa’s national statistical service has revealed the worst quarterly contraction of country’s economy in nearly a decade after Cyril Ramaphosa ousted Jacob Zuma from leadership, yet it appears he has not been able to do much better, quite opposite in fact.
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Billions and billions of Rands are pumped into the SAA ‘black’ hole
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The already struggling and bankrupt SA Airline received a further rescue buoy of R5 billion of taxpayers’ money from treasury.
SAA has not shown any profit for the past six years and state aid has so far already reached R20 billion.
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SAA’s Top-Heavy Structure Reason Of Their Financial Woes
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South African Promo Magazine:
Yep. So it goes. This top-heavy structure is the reason why SAA is demanding another cash injection of billions of Rands to keep afloat.
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Broke SAA – R35-million are splurged on bodyguards ahead of job cuts
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Five top South African Airways “personnel” will be given R10,500-a-day bodyguards as the airline prepares to announce massive job cuts.
A two-year deal with security company Control Risks will cost the airline — which lost R5.6-billion in the 2017 financial year — up to R35-million.
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Myeni Lands Plum Job That May Put Her Back In SAA’s Pilot Seat
Cabinet expresses confidence in new SAA board
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Newly appointed Communications Minister Mmamoloko Kubayi says Cabinet is happy with the appointment of a new board at South African Airways. Yesterday Finance Minister Malusi Gigaba announced the axing of former SAA board chairperson Dudu Myeni, who has now been replaced by Johannes Bhekumuzi Magawaza. Anglo American board chairperson Nolitha Fakude has been appointed as..
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Dudu Myeni finaly fired as SAA chair
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Dudu Myeni has been removed from the board of South African Airways in what could be a range of changes made to the leadership of the embattled airline. The Mail & Guardian understands that Myeni will be replaced by businessperson JB Magwaza who has been appointed as the new board chairperson. It appears that members..
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No end to SAA’s nightmares
SAA cash crunch deepens as suppliers have still not been paid
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South African Airways (SAA) appears to have exhausted its available cash reserves following news that suppliers have still not been paid for work done in July. The airline has thirty-day terms with a number of suppliers that provide essential services to it. They had not been paid at the end of last week, a week..
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Gigaba lashes out against ‘hysteria’ over SAA bailout
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Finance Minister Malusi Gigaba has spoken out against what he termed hysteria that has been created around the options government is considering to recapitalise South African Airways (SAA). He was speaking at a briefing at Treasury following a meeting with the steering committee of the CEO Initiative on Friday. He emphasised that government is still..
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SAA to get R10bn bailout from sale of government stake in Telkom
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Cash-strapped SA Airways is to get a R10-billion bailout through the sale of the government’s multibillion-rand stake in Telkom, parliament was told on Wednesday. DA MP Alf Lees dropped the bombshell in the National Assembly during question time with Deputy President Cyril Ramaphosa when he presented a cabinet memorandum leaked to him as a member..
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