LETTER: No business rescue case for SOEs
SA is still waiting for Cyril Ramaphosa’s plan to tackle the country’s most urgent priorities
Just when will President Cyril Ramaphosa acknowledge that SAA, and similarly Eskom, Denel and most state-owned entities (SOEs), have been so looted by the ANC that they are unfixable? Under no circumstances should any more public money and/or state guarantees be poured down that drain. (“SAA confirms it has cancelled flights to conserve cash”, January 21).
Les Matuson’s purported “business rescue” plan for SAA is a non-starter. What investor in his right mind would participate in any so-called “privatisation”, just to have ANC cadres breathing down his neck? SA has numerous higher priorities than a national airline, or an antiquated coal-based electricity grid, or an arms industry that colludes with Saudi Arabian and United Arab Emirates war crimes in Yemen.
When he came to office in 1934, US president Franklin D Roosevelt faced down a coup d’etat planned by Wall Street bankers. His celebrated “first 100 days” is recognised as having lifted the US economy out of the Great Depression. He told the most powerful men in America to drop their opposition to the New Deal and he would refrain from putting them in jail.
FDR also famously told Americans “we have nothing to fear, but fear itself!” Take courage, Mr President; two years after you came to office we are still awaiting sight of your “first 100 days” strategy. That courage would include putting SAA, Eskom and Denel into bankruptcy.
World Beyond War SA
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