EDITORIAL: No pilot for latest SAA flight of fancy
The endless blundering about from certainty to uncertainty, from a commitment to ‘mobilising funds’ to the absence of the same, ultimately has an impact on the cost of SA Inc’s capital
It is now just over a year since former CEO Vuyani Jarana left SAA, defeated by his inability to secure a cash injection from the government and the glacier-like time it was taking the executive, the board, the department of public enterprises and the National Treasury to come to a decision over the airline’s future.In his resignation letter, Jarana wrote that the "lack of commitment to fund SAA is systematically undermining the implementation of the strategy, making it increasingly difficult to succeed".That hardly anything has changed 15 months on, including more than nine months of an expensive business rescue procedure, is about as damning an indictment of government incompetence as you could find.This time last year, SAA’s board was interviewing candidates to replace Jarana and business rescue was not yet on the cards. It is agonising to wonder how much money might already have been saved if the state had simply acted swiftly to appoint a skilled candidate and then given them i...
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.