The Midday Report Live Blog

SAA admits R5 billion loss

SAA has confirmed that it lost over five and a half billion rand in the 2014/2015 financial year. This was revealed on Tuesday when SAA was briefing Parliament's portfolio Committee on its financials.

The airline has now made its financial statements public after two years of not releasing financial reports.

According to EWN parliamentary reporter Gaye Davis, SAA's Chairperson Dudu Myeni arrived an hour and forty minutes late.

Davis says no explanation for Myeni's late arrival was given. However, Mcebisi Jonas, Member of Parliament and Deputy Finance Minister had said before the meeting that Myeni had a doctor's appointment to attend to.

Myeni was recently reappointed as chair of SAA amid claims that she has been supported by President Jacob Zuma.

SAA's financials are one year overdue and according to Davis, in the provisional statement tabled in Parliament last week, the numbers were a billion less than today's figures.

SAA said that about 1.8 billion went to the impairment losses that SAA had to pay for.

Members of Parliament said the airline is technically insolvent, says Davis.

Listen to the full conversation below:


This article first appeared on 702 : SAA admits R5 billion loss


Recommended

by NEWSROOM AI
Read More
Poo thrower-in-chief sold himself to the highest bidder - ANC

Poo thrower-in-chief sold himself to the highest bidder - ANC

Cape Town ANC's Xolani Sotashe questions appointment by City of Cape Town of Loyiso Nkohla, once the City's biggest adversary.

New medical aid registrar vows to integrate private and public health care

New medical aid registrar vows to integrate private and public health care

Dr Humphrey Zokufa appointed Register of the Council for Medical Schemes by Minister of Health says no conflict of interest.

Classes suspended at Wits as protests continues #Fees2017

Classes suspended at Wits as protests continues #Fees2017

Wits University beefs up security and a meeting is held to find a way forward.

No decision on who to back for President - Cosatu

No decision on who to back for President - Cosatu

Cosatu says decision on who to back as next President has to be a unified one and not a decision that will divide the federation.

Police fire stun grenades on Wits student protesters #Fees2017

Police fire stun grenades on Wits student protesters #Fees2017

Students at Wits University are demanding free education for all not just the poor.

Zuma is a dishonest man - Justice Zak Yacoob

Zuma is a dishonest man - Justice Zak Yacoob

Justice Zak Yacoob admits saying the President is dishonest and disrespectful but says perhaps he should've been more courteous.

Popular articles
Concourt ruling on cannabis needs to filter down to cops, says dagga couple

Concourt ruling on cannabis needs to filter down to cops, says dagga couple

Myrtle Clark and Julian Stobbs, dubbed the dagga couple, have been trying for years to have dagga legalised.

ConCourt rules dagga legal for private use, but what is private?

ConCourt rules dagga legal for private use, but what is private?

Associate Professor of Law at Wits University James Grant says the ConCourt did not define what private use was.

Cape Town dams on 70% for the first time since 2015

Cape Town dams on 70% for the first time since 2015

Cape Town's dam levels have hit the 70% mark but experts say Capetonians still have to be cautious in their water consumption.

'Cannabis should be given the same treatment as alcohol and tobacco'

'Cannabis should be given the same treatment as alcohol and tobacco'

Dagga Party's Gareth Prince on Constitutional Court handing down today's judgment on whether or not to decriminalise cannabis use.

[WATCH] Dad stops baby from crying, Emmy acceptance speech turns into proposal

[WATCH] Dad stops baby from crying, Emmy acceptance speech turns into proposal

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

17-year-old learner killed teacher for not allowing him to jump the food queue

17-year-old learner killed teacher for not allowing him to jump the food queue

Spokesperson for Education department says the fact that this learner is still in Grade 10 at 17 may indicate there is a problem.