SA Express R1.8bn asset valuation doesn’t match the R113m ‘in the hangars’
The liquidator said there is also no guarantee that the 691 employees will receive retrenchment pay
The assets of state-owned airline SA Express, which were valued at R1.8bn, have been found to be worth no more than R113m on inspection, liquidators of the company told MPs on Wednesday.
The airline has been in liquidation since May 13 after business rescue practitioners were unable to raise finance from the government to continue operations. But a reconciliation between the asset valuation and “what exists in the hangars” has been found to be vastly different.