Need to get Airbus deal through behind Nene axing - reports

2015-12-11 10:45
Former finance minister Nhlanhla Nene (File, AFP)

Former finance minister Nhlanhla Nene (File, AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cape Town – The urgency in restructuring South African Airways’ Airbus deal was likely behind the surprise axing of Nhlanhla Nene as finance minister, reports stated on Friday.

Business Day reported that a larger Cabinet reshuffle had been touted for some time, but the need to conclude the Airbus transaction by December 21 saw President Jacob Zuma quickly shoving Nene out.

Last week, Fin24 reported that Nene had not approved the proposed amendment to SAA's Airbus A320/A330 swap transaction structure.

Nene had instructed the national carrier to implement the transaction structure in line with the approval that had already been granted. That would mean to conclude the agreement to swap the purchase of ten A320s for a lease of five A330s from Airbus.

Business Day reported that with Nene out of the way, SAA is hoping that the Airbus deal will be “revisited” by new Finance Minister David van Rooyen.

Business Report stated an SAA insider as saying that the airline sought Zuma’s help after Nene’s ruling, claiming that they had secured R14bn in funding from the Free State Development Corporation and some other organisations were also keen to fund the Airbus deal.

There has been much speculation over Zuma’s close ties with the chairperson of SAA, Dudu Myeni who is also in charge of the Jacob Zuma Foundation.

Read more on:    saa  |  dudu myeni  |  jacob zuma  |  nhlanhla ­nene  |  david van rooyen  |  economy  |  politics

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
ADVERTORIAL
Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.

/News
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.