SAA receives R1.5bn with strings attached
Business rescue practitioners say the conditions are in conflict with both the Labour Relations Act and the Companies Act
03 December 2020 - 19:41
SAA, the ailing national carrier which has been grounded for the better part of 2020 due to Covid-19, has received nearly 15% of the R10.5bn it was allocated in the medium-term budget policy statement, but the advance comes with stringent conditions, which the business rescue practitioners say contravene the law.
The R1.5bn was an advance on the R10.5bn signed off by the Treasury in the medium-term budget policy statement in October for SAA’s business rescue plan...
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