Justice Moroa Tsoka once said: “Business rescue proceedings are not for the terminally ill … nor are they for the chronically ill. They are not for the critically ill.” In the case of SAA, the state-owned airline’s heart stopped beating years ago and has since been defibrillated by the taxpayer.

SAA was never a good candidate for business rescue. This is evidenced by it not being able to trade itself to liquidity without relying on post-commencement financing (PCF) of R10.5bn — at the taxpayers’ expense. The latest PCF is in addition to the R3.5bn that SAA received from the Development Bank of Southern Africa and other cash injections before it. What makes the government’s cash injection all the more outrageous is that it comes at a time when the administration should be more focused on saving the economy...

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