for subscribers

Treasury’s full SAA statement

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town - South African Airways has avoided paying a hefty R603m bill to Airbus, after it informed Treasury on Monday that it had started the process to conclude former finance minister Nhlanhla Nene's approved deal.

This is the full statement from Treasury, starting off with background information into the Airbus deal:

In 2002 SAA entered into a purchase agreement with Airbus to acquire A320 aircraft. The agreement has proved financially onerous to the airline. In April 2015, the board of SAA applied for approval from the former Finance Minister Nhlanhla Nene to cancel the purchase of ten A320 aircraft from Airbus and, instead, enter into an operating lease on five A330-300 aircraft with Airbus. During July 2015, the former minister of Finance approved this request.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.74
(-0.48)
ZAR/GBP
23.11
(-0.26)
ZAR/EUR
20.85
(-0.17)
ZAR/AUD
12.68
(-0.28)
ZAR/JPY
0.17
(-0.19)
Gold
2029.24
(+0.11)
Silver
28.27
(+0.52)
Platinum
974.00
(+1.14)
Brent Crude
44.55
(0.00)
Palladium
2172.00
(-0.25)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 940 votes
It depends on how the funds are used.
74% - 6273 votes
No. We should have gotten the loan elsewhere.
15% - 1288 votes
Vote