The Public Investment Corporation (PIC) has not ruled out investing in the broke South African Airways (SAA). In its corporate plan earlier in 2017, the struggling airline listed the PIC as a potential source for funding of about R6bn for the next financial year. The PIC confirmed on Tuesday that it had been approached by SAA, but it rejected the airline’s initial funding request. PIC CEO Dan Matjila told Parliament’s standing committee on finance on Tuesday that SAA had not met the corporation’s investment criteria. He cited the governance and management crisis afflicting the national carrier as well as its poor balance sheet as reasons. "[However] we have seen positive changes. The board has been strengthened now, the CEO has been appointed. Now the turnaround plan has to be implemented and unfortunately it will take a few data points to convince us that the turnaround strategy is working. "So we wait and see. Once we have enough data to [convince us] that it has turned around, th...
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