Submit financial statements or face deregistrations, Hong Kong warns SAA

Sunday Times reports that South African Airways (SAA) has been given until early next month by the Hong Kong Registrar of Companies to submit its annual financial statement or face deregistration.

Guy Leitch, Editor of SA flyer says in terms of the South African Act, SAA has until the end of September to submit its financials which failure could result in the carrier being grounded locally as well.

SAA hasn't been able to provide its financial statements for the past two years.

Leitch says he suspects that the British and the Americans would be next in demanding regulatory documents from SAA.

They have to ensure to their citizens that traveling on this airline is A. Safe and B. is likely to continue and that is why a much needed state guarantee is a growing concern and not just an auditing requirement for a successful operation

Guy Leitch, Editor of SA Flyer

According to Leitch, SAA financials could be looking good even without a guarantee from Treasury, because the entire operating environment for airlines around the world has been good for the last two years.

He says he suspects the airline is operating profitably and making ends meet, in that there have been no complaints from any of their suppliers.

Listen to the full conversation below:


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