SAA will not collapse, Hanekom tell MPs

SAA will not collapse, Hanekom tell MPs

South African Airways interim board chairperson Derek Hanekom says the national airline is yet to receive the R3 billion investment from Takatso Consortium.

Derek Hanekom Flickr

Takatso Consortium obtained 51% shares from the SAA in what was set to be a strategic equity partnership to prevent the state-owned airline from liquidation.

The proposed SAA deal would see Takatso obtain a majority stake in SAA and put R3 billion into the airline over a three-year period to enable it to keep flying.

Addressing  Parliament’s Standing Committee on Public Accounts (SCOPA) on Tuesday, Hanekom said they are yet to receive any investment.

However, he assured the committee that the board would do everything possible to prevent the collapse of the flag carrier.  

"The uncertainty makes long-term planning a little bit difficult. The question for us remains - is that capital of R3 billion coming in? Should we plan as if it is not going to come?

“The good news is that on the cash flow side, we are healthy, so SAA is not going to collapse - but the growth that we have in mind will depend on the capital injection.

“We have received nothing from the government, nothing from the treasury, including the amount that had been pledged, and we are fine with it. We will survive without any subsidy from the state, we are surviving without any further subsidy from treasury, and we are not asking for anything.”

“But the scenario is the R3 billion injection that is meant to be coming from the share equity partner still has a lot of uncertainty around it," he said.


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