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5 moves Les Matuson needs to make now that he's running the show at SAA

6 December 2019 1:55 PM
Tags:
SAA
Business rescue
SAA strike
Sikonathi Mantshantsha
Business rescue practitioners
salary increase
Les Matuson
Daily Maverick's Sikonathi Mantshantsha explains which decisions should be a top priority for SAA's business rescue practitioner.

Senior business rescue practitioner Les Matuson has taken control of South African Airways (SAA).

He doesn't have to answer to anyone, says financial journalist Sikonathi Mantshantsha.

RELATED: Operational future of SAA lies in the hands of business rescue boss Les Matuson

The board, acting CEO Zuks Ramasia, executive chairman Thandeka Mgoduso, Public Enterprises Pravin Gordhan and Finance Minister Tito Mboweni all have to step aside.

Mantshantsha says Matuson must do the following to begin getting back control:

  • halt onerous contracts including debt-repayments
  • call off the promised 5.9% salary increase agreed to with trade unions
  • decide which of SAA's lender to pay
  • decide which contracts to keep
  • cancel dodgy contracts with immediate effect

Les Matuson is now the de facto head of SAA. He's got massive powers to negotiate.

Sikonathi Mantshantsha, Associate editor at Scorpio - The Daily Maverick Investigative Unit

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6 December 2019 1:55 PM
Tags:
SAA
Business rescue
SAA strike
Sikonathi Mantshantsha
Business rescue practitioners
salary increase
Les Matuson

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