SAA’s Martin Kingston resigns
With business rescue already in place for the state airline, Kingston says there’s no need for him to be on the board
Martin Kingston resigned as a director of SAA on Friday as the state-owned airline’s administrator scrambles for cash to keep it going.
“There is no need for me to be on the board given the appointment of the business rescue practioners,” Kingston, the executive chair of Rothschild’s SA unit, said in a text message. “I will continue to offer input to the extent required.”
The loss-making carrier has been under voluntary business rescue since December as the administrator tries to nurse the company back to health. Finance minister Tito Mboweni said on Thursday that the National Treasury and the department of public enterprises are trying to find additional funding for the airline.
SAA has not received R2bn from the Treasury needed to keep the carrier operational, Business Day reported on Thursday, citing the airline’s administrator. It may suspend flights if it doesn’t receive the money by Sunday.