Concerns raised over SAA's R2.3 billion bailout

The Standing Committee on Finance says it wants to know the conditions around a R2.3 billion bail out granted to South Africa Airways (SAA).

The National Treasury announced on Saturday that it will transfer funds to allow the airline to payback its debt.

The bailout will be used to clear a 2.3 billion debt with Standard Chartered Bank, to avoid a default.

The standing committee's chairperson Yunus Carrim says they want to know the actions taken to ensure that the board functions more effectively.

We want to know as a committee, what has National Treasury told the SAA board that it requires in return to ensure that the board functions more effectively and that is a matter we will deal with through a process provided in the Public Finance Management Act.

Yunus Carrim, Chairperson of the Standing Committee on Finance

READ: Cash strapped SAA has funds locked up in other African countries

We will meet with Treasury and the board of SAA on August 3 and again on the 13th of September.

Yunus Carrim, Chairperson of the Standing Committee on Finance

We have said it before, and the current minister and former minister agreed that they are going to strengthen the board with people who have aviation experience and expertise, I gather the CEO matter will be finalized very shortly....

Yunus Carrim, Chairperson of the Standing Committee on Finance

Click on the link below to listen to the full audio....

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
"There will probably be a new SAA board chairperson very shortly" - Yunus Carrim

"There will probably be a new SAA board chairperson very shortly" - Yunus Carrim

SA Cabin Crew Association is laying charges against SAA board and executives for mismanagement of funds.

SAA chair Dudu Myeni flies British Airways to Parly meeting

SAA chair Dudu Myeni flies British Airways to Parly meeting

Myeni allegedly argued the earlier Mango flight did not have business class.

Public clash in Parliament between two ANC MPs over SAA saga

Public clash in Parliament between two ANC MPs over SAA saga

The two MPs Peace Mabe and Yunus Carrim, who belong to the same party, exchanged unpleasant words while discussing issues at SAA.

SAA chair Myeni didn't intend on misrepresenting Airbus details, lawyers argue

SAA chair Myeni didn't intend on misrepresenting Airbus details, lawyers argue

Myeni was found to be in breach of the Companies Act after she allegedly misrepresented a board decision to lease 10 new planes.

Outa files application to have SAA's Myeni declared a delinquent director

Outa files application to have SAA's Myeni declared a delinquent director

Organisation Undoing Tax Abuse's Wayne Duvenage says the organisation has laid 6 charges against Dudu Myeni.

Eskom, SABC, SAA… There’s an almighty battle raging for the soul of our SOEs

Eskom, SABC, SAA… There’s an almighty battle raging for the soul of our SOEs

The Money Show’s Bruce Whitfield interviews Econometrix Chief Economist Dr Azar Jammine.

Cash strapped SAA has funds locked up in other African countries

Cash strapped SAA has funds locked up in other African countries

Deputy finance minister Sfiso Buthelezi told Parliament that SAA and Treasury are working on getting the estimated R1 billion back.

Popular articles
Home Affairs to follow up on special dispensation permit for Zimbabweans in SA

Home Affairs to follow up on special dispensation permit for Zimbabweans in SA

Home Affairs Minister Hlengiwe Mkhize says her department will respond to all Zimbabweans under special dispensation.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Getting to know MP, Dr Makhosi Khoza

Getting to know MP, Dr Makhosi Khoza

Dr Khoza is admired by South Africans for her role in the SABC inquiry as a ANC member of parliament.

10 sexting tips on how to keep things spicy (and safe)

10 sexting tips on how to keep things spicy (and safe)

Interested in sexting but worried about the risks? Dr Eve has created a guideline to help you 'sext' in a fun and responsible way.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?