SA Express R1.8bn asset valuation doesn’t match the R113m ‘in the hangars’ 🔒
The assets of state-owned airline SA Express, which were valued at R1.8bn, have been found to be worth no more than R113m on inspection, liquidators of the company told MPs on Wednesday.
The airline has been in liquidation since May 13 after business rescue practitioners were unable to raise finance from the government to continue operations. But a reconciliation between the asset valuation and “what exists in the hangars” has been found to be vastly different.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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