SAA’s business rescue plan, which is binding on stakeholders in terms of the Companies Act, would not be undermined by a bill that will divert R2.7bn of SAA’s R10.5bn allocation by the government to its subsidiaries, the Treasury argued in parliament on Friday.
The question before parliament’s standing committee on appropriations was whether the R2.7bn allocation to subsidiaries was part of SAA’s business plan. If not, then the Special Appropriation Bill before the committee would contravene the Companies Act. The bill will amend the department of public enterprises budget vote to authorise the use of R2.7bn of the R10.5bn for SAA’s subsidiaries...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.