The history of executives and ministers keeping the national airline aloft is a record of nauseating follies
On October 2 2008 outgoing public enterprises minister Alec Erwin wrote a reply to a parliamentary question saying that since 2004 the government had pumped R9.2bn capital into SAA and provided a further R2.9bn in guarantees.
From 2002 to 2008, Erwin said, SAA had lost R13.74bn, excluding restructuring costs of R1.35bn. For years I kept a copy of Business Day from around 2006, where a front-page item quoted Erwin promising this last bailout to indeed be the last. If only.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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