Cash strapped SAA has funds locked up in other African countries

According to EWN parliamentary correspondent Gaye Davis, Deputy Finance Minister Sfiso Buthelezi told Parliament that he recently discovered SAA is estimated to have just over R1 billion locked up in countries like Senegal, Nigeria, Angola and Zimbabwe that it cannot repatriate.

He says that has a negative impact on SAA's cash flow.

Buthelezi was giving a presentation in Parliament on the financial state of SAA.

He says a team from Treasury and SAA are working on a plan to unlock and get this money back.

Gaye Davis, EWN parliamentary reporter

We also heard that SAA has been making efforts in terms of its turn-around strategy and cutting costs but is still making losses.

Gaye Davis, EWN parliamentary reporter

To listen to the full report from Gaye Davis, click below:


This article first appeared on CapeTalk : Cash strapped SAA has funds locked up in other African countries


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