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SAA records R1.3 billion loss

SAA has lost over a billion over the past financial year and public enterprises minister is concerned.

South African Airways plane. Picture: AFP.
South African Airways,Malusi Gigaba,SAA bailout,SAA Board,SAA growth plans,SAA gets R5 billion cash injection,Public Enterprise
Local

JOHANNESBURG - Public Enterprises Minister Malusi Gigaba on Monday said it is essential that South African Airways (SAA) be stabilised, immediately.

The national carrier announced a R1.3 billion loss for the past financial year.

The SAA board's annual general meeting is taking place in the wake of the resignation of its chairperson, CEO and several board members.

Gigaba slammed the carrier, highlighting wasteful expenditure over the past year.

“I am concerned about the recurrence which reflects weak internal controls. I have implored the board and management to improve the controls around procurement and not continue condoning irregular expenditure. Furthermore, the fruitless and wasteful expenditure amounted to R4 million.”

He has appointed a task team and announced there will be a zero percent increase for directors in 2013.

Meanwhile, government has guaranteed the national carrier a R5 billion over the next two years.
 
(Edited by Lindiwe Mlandu)

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