The Midday Report Live Blog

SAA admits R5 billion loss

SAA has confirmed that it lost over five and a half billion rand in the 2014/2015 financial year. This was revealed on Tuesday when SAA was briefing Parliament's portfolio Committee on its financials.

The airline has now made its financial statements public after two years of not releasing financial reports.

According to EWN parliamentary reporter Gaye Davis, SAA's Chairperson Dudu Myeni arrived an hour and forty minutes late.

Davis says no explanation for Myeni's late arrival was given. However, Mcebisi Jonas, Member of Parliament and Deputy Finance Minister had said before the meeting that Myeni had a doctor's appointment to attend to.

Myeni was recently reappointed as chair of SAA amid claims that she has been supported by President Jacob Zuma.

SAA's financials are one year overdue and according to Davis, in the provisional statement tabled in Parliament last week, the numbers were a billion less than today's figures.

SAA said that about 1.8 billion went to the impairment losses that SAA had to pay for.

Members of Parliament said the airline is technically insolvent, says Davis.

Listen to the full conversation below:


Recommended

by THE NEWSROOM
Read More
Poo thrower-in-chief sold himself to the highest bidder - ANC

Poo thrower-in-chief sold himself to the highest bidder - ANC

Cape Town ANC's Xolani Sotashe questions appointment by City of Cape Town of Loyiso Nkohla, once the City's biggest adversary.

New medical aid registrar vows to integrate private and public health care

New medical aid registrar vows to integrate private and public health care

Dr Humphrey Zokufa appointed Register of the Council for Medical Schemes by Minister of Health says no conflict of interest.

Classes suspended at Wits as protests continues #Fees2017

Classes suspended at Wits as protests continues #Fees2017

Wits University beefs up security and a meeting is held to find a way forward.

No decision on who to back for President - Cosatu

No decision on who to back for President - Cosatu

Cosatu says decision on who to back as next President has to be a unified one and not a decision that will divide the federation.

Police fire stun grenades on Wits student protesters #Fees2017

Police fire stun grenades on Wits student protesters #Fees2017

Students at Wits University are demanding free education for all not just the poor.

Zuma is a dishonest man - Justice Zak Yacoob

Zuma is a dishonest man - Justice Zak Yacoob

Justice Zak Yacoob admits saying the President is dishonest and disrespectful but says perhaps he should've been more courteous.

Popular articles
Minister Zwane confirms trips to Dubai and Switzerland

Minister Zwane confirms trips to Dubai and Switzerland

EWN parliamentary correspondent Gaye Davis says Mineral Resources Minister Mosebenzi Zwane received detailed and tough questions.

Zweli Mkhize 'taken by surprise' with latest cabinet reshuffle

Zweli Mkhize 'taken by surprise' with latest cabinet reshuffle

The ANC treasurer-general confirmed Mantashe’s comments that the President did not consult the ANC leadership on the reshuffle.

"Duduzane Zuma is the Gupta family's greatest asset"

"Duduzane Zuma is the Gupta family's greatest asset"

Sunday Times journo Thanduxolo Jika who broke the front page story about the Gupta family emails vouches for their authenticity.

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.

‘My worst fear is being 80 years old and poor’ – famed actor Dr. John Kani

‘My worst fear is being 80 years old and poor’ – famed actor Dr. John Kani

"My earliest memory of money is my father saying, ‘Why do you want to do this thing? How are you going to feed the family?'"

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...

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Elon Musk, as you’d expect, hails from an exceptional family. Bruce Whitfield interviews his Capetonian father.