SAA’s financial statements, which will be presented to parliament on Friday afternoon — more than two years late, reveal substantial losses of R5.5bn in 2018 and R5.1bn in 2019.
The company, which is obliged by law to table its annual financial statements in parliament, has not done so since 2017. The company is insolvent and on December 5 was placed in business rescue. However, parliament’s standing committee on public accounts has insisted that the company submit its financial accounts, regardless of whether or not it is a going concern.
Pictures of the SAA balance sheet were tweeted by DA member of the committee Alf Lees on Thursday, before the meeting. On Friday, public enterprises minister Pravin Gordhan and business rescue practitioners Les Matuson and Siviwe Dongwana will appear together before Scopa, where the financial statements will be discussed.
In a parallel process with the business rescue, Gordhan has compiled a plan for a future SAA, either in a restructured form, or as a completely new airline, ring-fenced from the liabilities of SAA. He has criticised Dongwana and Matuson for failing to present a business rescue plan, which he has said could easily be done.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Truce reached over SAA rescue plansPublic enterprises given until June 30 to come up with alternative plan after rejecting previous suggestions that involved eliminating jobs and winding down the airline
Read more »
ABN Amro shares drop as billions set aside for future loan lossesThe Dutch bank says provisions could rise to €2.5bn for the full year due to exposure to two clients, with Covid-19 making repayments harder
Read more »
Truce reached over SAA rescue plansPublic enterprises given until June 30 to come up with alternative plan after rejecting previous suggestions that involved eliminating jobs and winding down the airline
Read more »
Gold dips after US shuns prospect of negative ratesFed chair Jerome Powell’s warning of tough times ahead caps losses
Read more »
Aston Martin posts steep loss as coronavirus hits salesThe British manufacturer reported a wider first-quarter loss and a 60% drop in revenue
Read more »