The troubles facing national carrier South African Airways (SAA) are indicative of the poor governance at state-owned enterprises (SOEs), says Moneyweb editor Ryk van Niekerk.
SAA is apparently losing as much as R370 million a month, van Niekerk explains.
Over the past five years, SAA has lost R15.7 billion.— Ryk van Niekerk, editor of Moneyweb
It's a disaster. The company is bankrupt.— Ryk van Niekerk, editor of Moneyweb
The amounts are astounding and its taxpayers that have to foot that bill.— Ryk van Niekerk, editor of Moneyweb
The bailouts that SAA has received since 1999 amount to just over R30 billion.
He says SAA is doing very well at an operational level, but faces core problems at a management and board level.
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This article first appeared on CapeTalk : SAA a symbol of how poorly SOEs are managed in SA, says Moneyweb editor