SAA’s ‘hidden’ report puts losses at more than double

2014-12-14 13:28

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Cape Town - SAA has reportedly hidden the fact that its losses more than doubled in the 2013/14 financial year from R1.2bn to R2.6bn, reports the Sunday Times.

The newspaper states it has seen a copy of the airline's annual report and financial statements for the last financial year which should have been released in June.

SAA insiders said however, that the information had been "buried" because of board infighting and the reluctance to reveal the extent of the losses.

However the report also shows that a document called "Seize the Value Leakage" was submitted to Public Enterprises Minister Lynne Brown in August. This document contained "urgent remedial interventions for a sustainable SAA".

Meanwhile, in an unprecedented move, the National Treasury took control last week of SAA while Deputy President Cyril Ramaphosa was tasked with overseeing the airline’s turnaround.

According to Minister in the Presidency Jeff Radebe, the cabinet was concerned about the performance of some state-owned companies, in particular SAA, the SA Post Office and power utility Eskom, each of which had a critical role to play within the country's economy.

"President [Jacob Zuma] has assigned Deputy President Cyril Ramaphosa to oversee the turnaround of [these] three state-owned companies," Radebe said, adding that progress in this regard would be closely monitored by the presidency.
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Read more on:    saa  |  cyril ramaphosa

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