More results leeway for SAA
THE Treasury has asked for more time to allow South African Airways (SAA) to table its 2014-15 financial statements‚ the third time such a request has been made.
In February‚ Finance Minister Pravin Gordhan asked that the struggling national carrier be given until March to make the overdue submission. The new date has been set as July 15.
The statements September 30 2015.
SAA has been unable to table its financial results because it is technically insolvent and needs a R5billion government guarantee to get “going concern” status.
Gordhan has said no guarantees would be granted until a new board and executive were appointed.
His fresh request for an extension suggests that the airline may have a new board and the government guarantee by July‚ despite behind-the-scenes tension between the Treasury and SAA. were due on
The Treasury said: “SAA’s annual financial statements will be tabled once they have been finalised. A further extension‚ until July 15‚ has been requested.
“However‚ we are endeavouring to find a comprehensive solution sooner. We remain hopeful that this can be achieved.”
The Treasury is looking at merging the three state-owned airlines – SAA‚ South African Express and low-cost SAA subsidiary Mango – under an aviation holding company. The merger would also bring in a minority equity partner.
Plans for this are advancing‚ with the Treasury confirming this week that it‚ together with the Department of Public Enterprises‚ was finalising “terms of reference” to issue a tender for advisers to give recommendations on the merger. — BDLive