THE King Shaka International Airport, which cost R6.7bn and has yet to prove that it is a viable investment, was built by Airports Company SA (Acsa) without a feasibility study, it has emerged in correspondence linked to a court process.The airport, near Durban, was built as part of Acsa’s investment leading up to the 2010 World Cup, but has since failed to attract significant traffic to warrant the size of the investment.Acsa’s annual results, released on Friday, show King Shaka International Airport made a profit of R93m in 2015-16, after a loss in 2014-15 of R80m. However, the profit does not take into account the cost of the debt raised to build the airport, which, if accounted for, would reflect a substantial loss.The absence of a feasibility study emerged in a court application by minority shareholder African Harvest Strategic Investments, which has taken Acsa to court for "oppressive conduct" under the Companies Act.Alun Frost, adviser to African Harvest, said on Friday that ...
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