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Banks want their SAA money back

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SAA’s debt to banks, however, is guaranteed by government and Mboweni had already budgeted more than R16 billion in February to cover the airline’s obligations. Picture: Supplied
SAA’s debt to banks, however, is guaranteed by government and Mboweni had already budgeted more than R16 billion in February to cover the airline’s obligations. Picture: Supplied

BUSINESS

South African banks have put their foot down and are insisting on assurance from government that the billions of rands they lent to SAA will be paid back to them and not get caught up in a liquidation process.

This while SAA’s employees will have to be satisfied with a vague promise that government will “mobilise funds” for their voluntary severance packages. When this will happen, no one knows.

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