23.1.2020 09:03 am
SA Express is an alliance partner of SAA, and is dependent on it for code sharing and related services.
The fact that national carrier SAA has been placed in business rescue is risking the viability of another state-owned airline, SA Express, according to court documents filed last week.
‘We are in trouble and nowhere is there even a glimmer of hope on the horizon,’ CEO of Debt Rescue Neil Roets said.
British-born David Nicholls is highly respected in the industry.
It described the government’s response to demands for greater political freedoms – and sky-high living costs – as ‘notably slow, tentative and inconclusive’.
The state-owned corporation denies trying to ‘cover up an unethical bid for control of the state’s key financial asset’ following accusations in a report.
The federation says Telkom could retrench another 1,000 workers in May, while its IT subsidiary, Business Connexion (BCX) could shed 2,000 jobs.
The union wants Finance Minister Tito Mboweni to step in and stop the proposed retrenchment of between 3,000 and 6,000 workers.
This was revealed in the latest business risk survey conducted by leading global corporate insurance carrier Allianz Global Corporate & Specialty.
‘In Benoni, domestic workers in those big houses are getting R1,400 a month and they are working from Monday to Sunday … They are hopeless and helpless.’
Selling the aircraft is probably not a quick-fix for the airline’s financial problems.
Tito Mboweni and Naledi Pandor will, however, still have to pack their bags for Europe.
While SAA claims in a report its fleet of A340-300 aircrafts is worth R2.153 billion, the actual market value may be closer to 335 million.
Lesetja Kganyago warned that significant economic growth is unlikely, mainly due to South Africa’s current energy constraints.
‘A very positive outlook for this year is that there is a larger gap for the private sector to play a bigger role in the economy,’ a top business leader says.