SAA has over R1bn ‘trapped’ in other countries
Finance Minister Malusi Gigaba may be asked to approach his counterparts in Angola, Zimbabwe, Senegal and Nigeria to negotiate the repatriation of R1.5 billion.
CAPE TOWN - Deputy Finance Minister Sfiso Buthelezi says South African Airways ( SAA) has more than R1 billion in cash that cannot be repatriated from Zimbabwe, Angola, Nigeria and Senegal, among other countries.
Buthelezi, the SAA board chairperson and officials are briefing Parliament’s standing committee on finance on the national carrier’s corporate plan.
Finance Minister Malusi Gigaba may be asked to approach his counterparts in Angola, Zimbabwe, Senegal and Nigeria to negotiate the repatriation of R1.5 billion at Wednesday's exchange rate that’s owed to SAA.
Buthelezi says the withheld money is hitting SAA’s bottom line.
“There’s that money which is trapped there, which does affect the cash flows of the company. We have asked a team at Treasury and at SAA to come up with a comprehensive strategy as to how we could unlock that money."
Buthelezi says President Jacob Zuma may be asked to intervene if necessary.
(Edited by Shimoney Regter)