SAA Records Further R1 Billion Losses


It has been revealed that the South African Airways (SAA) generated further losses amounting to almost R1 billion.

BuzzSouthAfrica culled this information from Alf Lees, the Deputy Shadow Minister of Finance.

Lees, after a meeting of the Standing Committee on Finance with SAA, wailed that the meeting “was a shambles”. Such that it only raised more questions rather than answers.

See Also: End Of Road For Motsoeneng As Supreme Court Rejects Leave To Appeal

In a statement, Lees disclosed that SAA’s losses have grown to R5.64 billion.

He said: “The long-awaited meeting of the Standing Committee on Finance with SAA was a shambles, raising more questions than answers.

One of the few concrete facts to come out of the meeting was the shocking increase of nearly R 1 billion in further losses, taking the total loss for 2014/15 to R 5.64 billion rand, with a further R 1.5 billion loss in the 2015/16 financial year.”

The Deputy Shadow Minister further related that SAA Board Chairperson, Dudu Myeni arrived the meeting “almost a full two hours late” and avoided all questions.

However, Lees’ Party – DA – welcomed an arrangement by the committee chair and the Deputy Minister of Finance for a follow-up meeting to be held in Parliament on the 16th of November 2016.

The DA said it will continue to seek clarification and push for a better run SAA at the upcoming meeting.

“We expect that the committee will be furnished with final and complete reports for both the 2014/15 and 2015/16 years both of which are now overdue for tabling,” DA stated.

Read Also: According To DA, Here’s How ANC Caused High Cost Of Data In SA

The opposition party charged that the aforementioned reports must include the below.

  1. The finalized annual reports for SAA and all subsidiaries.
  2. The audited annual financial statements for SAA and all subsidiaries.
  3. The auditors’ statement.
  4. The SAA Shareholder Compact.
  5. The evaluation of the Boards conduct and performance by Stator (Pty) Ltd.
  6. The ‘benchmarking’ exercises referred to in the preliminary annual report