Home South Africa News Scopa to visit cash-strapped SAA amid financial crisis

Scopa to visit cash-strapped SAA amid financial crisis


SAA is on its knees and requires another bailout from the government. The Standing Committee on Public Accounts will on Thursday visit SAA due to the deterioration of the airline’s finances.

In a report that has been given to Scopa, SAA has shown that it suffered a loss of R5.4 billion last year and another loss of R5bn this year, further deepening its financial crisis. The government has recently given it R5.5bn and will pay off R9.2bn to settle its debts.

However, Scopa said it would visit the airline on Thursday to look at its situation.

While answering questions on Wednesday, Deputy Minister of Public Enterprises Phumulo Masualle said they were working on getting the airline back on track.

Some opposition parties said it must be sold.

The government has indicated that it would consider a private equity partner for the airline and Cosatu expressed its support for the idea.

Masualle said the government has attached conditions to the bailouts given to State-Owned Entities.

He said for SAA they will engage with all stakeholders including the unions on its precarious financial position.

“Underway the process is to engage all stakeholders in SAA to bring that airline to sustainability. Given the urgency of some of the measures regarding SAA the Minister will be making an announcement soon to the impasse the company is facing,” said Masualle.

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Uncle Roland source of income revealed. Roland Muchegwa popularly known as Uncle Roland is a South African based celebrity and businessman. He is well known for flooding social media with his pictures together with beautiful yellow-bone women. His ability to spend money on women has earned him the terms Blesser, Minister of Blessers.

The 51-year-old acquired his fortune through buying and selling fuel. His niche extended through the whole of SADC. Uncle Roland is also a miner and owns the biggest night club in Cape Town South Africa. continue reading

Source: Political Bureau, IOL