With Citibank reportedly refusing to extend its loan to a debilitated South African Airways (SAA), Finance Minister Malusi Gigaba warned against "any hysteria created by our considering of various options". While SAA lurches out of control, the minister demonstrates his buffoonery by trying to be composed about the catastrophe. It is a pity that Eskom and SAA have a prodigious need for bail-outs and a lack of governance. Perhaps if it was anyone but Gigaba in charge, the hysteria wouldn’t prevail. Disconcertingly, Business Unity SA CEO Tanya Cohen suggested after a meeting with the finance minister that "what we did get from Gigaba is a very sincere and honest reflection of some of the challenges...." The challenges are surely the need to appoint a competent and qualified CEO and board members who are au fait with the airline business and commerce. And who are not corrupt. The reality is that investors and banks will steer clear of SAA because of fraud, corruption and mismanagement....
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.