Thando Maeko
2 minute read
19 Nov 2020
9:32 am

Search is on for SA Express’ missing millions

Thando Maeko

SA Express has been a underperformer over the past few years, even failing to pay employee salaries since March.

SA Express an entity that has "'clearly failed". Image: Moneyweb

The SA Express joint provisional liquidators have instituted an investigation to find any traces of reckless trading, misappropriation of funds and non-statutory payments by the airline’s previous board of directors. The investigation will look into the airline’s transactions prior to it being placed under provisional liquidation in April. If found that SA Express continued to trade under insolvent circumstances or that the previous board presided over dodgy dealings at the airline, the directors could be found guilty of reckless trading under the Companies Act. Section 417 and 418 of the Act allows the Master of the High Court, or the...