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SAA BRPs cannot be law unto themselves, says Gordhan

Minister Pravin Gordhan said changes in the Companies Act could help hold business rescue practitioners more accountable.

FILE: Public Enterprises Minister Pravin Gordhan. Picture: Eyewitness News.

CAPE TOWN - Public Enterprises Minister Pravin Gordhan on Wednesday said South African Airways (SAA)’s business rescue practitioners (BRPs) could not be a law unto themselves.

He said changes in the Companies Act could help hold business rescue practitioners more accountable.

On Wednesday, members of Parliament have asked the amount of money paid to SAA's business rescue practitioners - who are still in the process of completing their work.

In June, business rescue practitioners Siviwe Dongwana and Les Matuson had already been paid R36 million since their appointment in December 2019.

This has been revealed by Gordhan in a written parliamentary reply.

On Wednesday, Gordhan told the public enterprises committee that the business rescue practitioners cannot be free agents while calling for a change in policy.

“We certainly agree with honourable Shabalala and are having this discussion with DTI - and the Companies Act was be amended as far as SOEs are concerned and perhaps commercial businesses as well- to ensure that BRPs do have some accountability for what monies they take, for how they spend that money and for how they account for that money as well.”

Public enterprises director general Kgathatso Tlhakudi said the cost of the rescue process remained a concern.

“Of course, the cost of the BRP process and the fees that are being paid is a concern to us as well.”

He said SAA could exit business rescue by the end of the month.

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