SAA in scramble

South African Airways is apparently scrambling to obtain R2 billion before November 20, a source told Fin24 last week.

Asked about the alleged rush, SAA spokesperson Tlali Tlali said the R2 billion was “always part of our requirements for working capital so this is not new”.

He said SAA is in the process of “procuring that required amount”. Over the past 13 years, SAA has incurred over R28 billion in losses.

In last week’s mid-term budget, Finance Minister Tito Mboweni announced that the state would pay off SAA’s government-guaranteed debt of R9,2 billion “over the next three years” to honour the airline’s contractual obligations. — Reuters.

Source :

The Herald

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