Concerns raised over SAA's R2.3 billion bailout

The Standing Committee on Finance says it wants to know the conditions around a R2.3 billion bail out granted to South Africa Airways (SAA).

The National Treasury announced on Saturday that it will transfer funds to allow the airline to payback its debt.

The bailout will be used to clear a 2.3 billion debt with Standard Chartered Bank, to avoid a default.

The standing committee's chairperson Yunus Carrim says they want to know the actions taken to ensure that the board functions more effectively.

We want to know as a committee, what has National Treasury told the SAA board that it requires in return to ensure that the board functions more effectively and that is a matter we will deal with through a process provided in the Public Finance Management Act.

Yunus Carrim, Chairperson of the Standing Committee on Finance

READ: Cash strapped SAA has funds locked up in other African countries

We will meet with Treasury and the board of SAA on August 3 and again on the 13th of September.

Yunus Carrim, Chairperson of the Standing Committee on Finance

We have said it before, and the current minister and former minister agreed that they are going to strengthen the board with people who have aviation experience and expertise, I gather the CEO matter will be finalized very shortly....

Yunus Carrim, Chairperson of the Standing Committee on Finance

Click on the link below to listen to the full audio....


This article first appeared on 702 : Concerns raised over SAA's R2.3 billion bailout


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