Gigaba insists SAA can be fixed
The finance minister expresses confidence in troubled airline’s board and believes financial turnaround could be successful
Finance Minister Malusi Gigaba says he has confidence in the board of struggling state-owned South African Airways (SAA) but that the Treasury will have to exercise a more "hands-on" approach until SAA has returned to financial health. Gigaba said on Tuesday at a media briefing after delivering his budget vote speech that he was due to meet the SAA board shortly to discuss the current financial challenges and the interventions proposed in the report of consultants Seabury, which evaluated the airline’s long-term turnaround strategy. He added that he would make an announcement on the recapitalisation package for the airline in the medium-term budget policy statement in October. Stringent conditions would be attached to any cash injection by the state. The minister was confident that SAA could be fixed. "My own belief is that if we strengthen the governance instruments at SAA, ensure that there is stability at the board, that there is a CEO, that the CFO [chief financial officer] func...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.