SAA has had R20bn from state coffers, and repaid only R1.6bn
06 October 2017 - 16:10
Bankrupt state-owned airline South African Airways has received R20bn from the state since before 2003-04 in the form of loans or capitalisation. Of this only R1.6bn has been repaid. An initial capitalisation of R3bn was made before 2003-04. In addition, SAA has received R19bn in state guarantees since 2007, of which R17.8bn were going-concern guarantees which are required before financial statements can be finalised.
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