Telkom finance chief to help fix nosediving SAA
The telecommunications operator seconds a finance expert to assist with struggling airline's turnaround efforts
Long-time Telkom finance executive Deon Fredericks has been seconded to help the struggling state-owned airline South African Airways (SAA) with its turnaround efforts. Fredericks, who served as CFO of Telkom when the group successfully implemented its own turnaround plan, moved to a newly created role of chief investment officer at the telecommunications company in July. His secondment to SAA as interim CFO is for 12 months from October 15, the airline said in a statement. Cash-strapped SAA, which already relies on R19.1bn in state guarantees to stay in business, has asked for a further bailout of R21.7bn over the next three years in order to implement its turnaround strategy. The airline, which missed a deadline to submit its annual report for the 2017/2018 financial year to parliament by the end of September as required by law, is expected to report a loss of R5.7bn, and to continue making losses for the next two years.
Delays in tabling financial statements are often due t...