The 51% stake in South African Airways (SAA) was awarded to Takatso only six weeks after the airline emerged from business rescue.
In the nine months to the end of December, SAA expected a profit of R92 million but instead recorded a loss of R776 million.The details about the sale of South African Airways for R51 to the Takatso Consortium that Public Enterprises Minister Pravin Gordhan is desperately trying to keep secret may come out in a meeting of a parliamentary portfolio committee on Wednesday, depending on legal advice and whether the documents he provided warrant a closed sitting.
Gordhan arrived at the meeting last week with a file prepared for every committee member containing, among others, the shortlist of bidders for SAA, the RMB valuation of the airline, and the shareholder agreement. She says committee meetings must be open to the public as part of the participating democracy that the constitution requires.
DA MP and member of the standing committee on public accounts Alf Lees says the ANC in parliament is very likely hoping that the parliamentary legal advice on the Takatso deal will give them an excuse to maintain the secrecy around the deal that Gordhan seems to want to maintain. “The Takatso deal is dead in the water and SAA must be fully privatised before the operational losses result in further taxpayer bailouts and that scare private buyers away.”Despite question marks about its ownership, SAA is planning large-scale expansion.
During a recent webinar hosted by the aviation data service OAG, Deirdre Fulton, partner at Midas Aviation, stated that an increasing number of aircraft used by airlines are being leased. Due to the increased demand, lessors can now pick and choose who they do business with and thereby limit their risk, according to Jon Howey from the China Aircraft Leasing Group.This situation may continue for another four years, said Mark Dunnachie, head of commercial at ACIA Aero Leasing, at the same event.
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