SAA given 5 months to present financial statements
The minister says she’s hopeful her task team looking into the running of SAA will prevent a bailout.
CAPE TOWN - Public Enterprises Minister Lynne Brown says South African Airways (SAA) has been given a five month extension to present its year-end financial statement and the resignation of five board members could mark a turning point for the troubled state entity.
The board members resigned at the weekend, but Brown says they were due to be replaced at the SAA annual general meeting.
The minister says she's hopeful her task team looking into the running of SAA will prevent a bailout but she's aware of the risk
"I'm hoping that experts that they will be bringing in will not do that but I'm very conscience about the conscious about the fact that when SAA was taken out of Transnet initially, they were undercapitalised then already."
Brown would not be drawn on routes that are costing the airline too much, but says they will be reviewed and could be cut.
"It's commercially sensitive to talk about individual routes. What I will do is to look at the full package of routes that are making a loss on."