South African Airways (SAA) appointed its head of operations as acting chief executive on Friday and said it needs R4-billion from the government to survive the current financial year and allow it to renegotiate loan terms with banks. Zukisa Ramasia becomes interim CEO after Vuyani Jarana unexpectedly resigned on Sunday, after less than two years..
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SA taxpayers to fund yet another government bailout – Cash-strapped SAA requests R4bn to survive current financial year after years of mismanagement and corruption
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Eskom ticking time bomb! – National power utility managed by ANC-regime, debt jumps to nearly R500-billion and is currently the biggest threat to the SA’s economy
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Embattled South African state power utility Eskom’s debt burden, described by Goldman Sachs Group as the biggest threat to the nation’s economy, has burgeoned, compounding the difficulty the government faces in formulating a turnaround plan. The company’s debt is approaching R500-billion, according to data compiled by Bloomberg from public records, including bonds and issued loans,..
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Cash-strapped SABC to receive yet another government bailout – The National Treasury, has, once again, been persuaded to open its coffers up to the embattled broadcaster
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The South African Broadcasting Corporation (SABC) will receive a much-needed government bailout, after failing to improve its financial position in 2019. Government, by way of the National Treasury, has, once again, been persuaded to open its coffers up to the embattled broadcaster. Telecommunications Minister Stella Ndabeni-Abrahams confirmed that the finance minister was expected to finalise..
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Another ANC failure that SA taxpayers will have to fund – E-tolls gets a R5.7 billion bailout
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The Department of Transport has transferred R5.7 billion to the toll road network of the South African National Roads Agency (Sanral). In a statement on Monday (11 March), the department said that the transfer is a ‘strategic intervention’ to deal with the non-payment by Gauteng road users of the Gauteng Freeway Improvement Project (GFIP), which..
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South Africa Considers Handouts To Help Zimbabwe With Trouble Caused By… Handouts!
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The spiraling economic meltdown in Zimbabwe has prompted South African authorities to think about extending short-term credit to Harare and helping it to write off a $7.4-billion external debt. In an interview with the Daily Maverick newspaper, South African Finance Minister Tito Mboweni said the two governments were discussing ways to settle Zimbabwe’s debt to..
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All Eskom wants for Christmas is a R100bn government bailout and therefore South-African citizens must suffer with continuous loadshedding
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The struggling power utility wants the state to absorb its debt in a move that would likely be good for them but bad for our credit rating. As South Africans grapple with festive-season load shedding, our embattled national power utility, Eskom, is trying to find ways to keep the lights on while operating with billions..
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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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SA Express: ANC-government is pouring billions of taxpayers money into a black hole – aircraft lie idle in hangars because they are too unsafe to fly
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SA Express is losing more than R1 million a day, paying leases on aircrafts that lie idle in hangars because they are too unsafe to fly. This all is funded by the South-African taxpayer. In the week that Finance Minister Tito Mboweni announced a R1.2 billion bailout for the sinking state-owned airline, five senior aviation..
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Once again taxpayers will have to pay for the sins of the ANC-regime – SAA, Post Office and other ailing SOEs to receive billions in cash-bailouts
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Finance minister Tito Mboweni has announced a R9.1-billion bailout of struggling state-owned companies such as national carrier SAA and regional airline SA Express. In his first medium term budget policy statement to parliament on Wednesday‚ Mboweni announced that the troubled SAA would once more be recapitalised by the taxpayer to the tune of R5-billion. This..
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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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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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