Special SAA oversight committee set up, chaired by Mondli Gungubele
'Those issues continue to the extent that it was decided that we should form an oversight committee. The deputy finance minister is the chairman'
A special oversight committee chaired by Deputy Finance Minister Mondli Gungubele has been established to address the South African Airways’ liquidity challenges and to set in motion the process of finding a strategic equity partner for the troubled airline. SAA chairman Johannes Magwaza said this in his introductory remarks to Thursday’s briefing by SAA CEO Vuyani Jarana to Parliament’s finance committee on the airline’s fourth-quarter results. The net loss for the quarter, at R1.8bn, was R1.2bn worse than budget and it predicts a R5.87bn loss for the year. "We have liquidity and going-concern issues," Magwaza told MPs. "Those issues continue to the extent that it was decided that we should form an oversight committee. The deputy finance minister is the chairman. "We have had no less than six meetings at which we are looking at the liquidity, the sustainable financial structure of SAA and the process for looking for a strategic equity partner." Magwaza said SAA had "serious tractio...
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