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Things get worse for SAA as losses climb R1 billion higher in just 10 days

Things get worse for SAA as losses climb R1 billion higher in just 10 days

New information provided to the Standing Committee on Finance (SCOF) by the South African Airways (SAA) board reveals that the airlines losses are even worse than previously reported – now at R4.5 billion for 2016/17.

“This new figure of R4.5 billion is significantly higher than the R3.5 billion revealed ten days ago and the R1.7 billion estimated in September 2016,” said DA shadow deputy minister of finance, Alf Lees.

“This is an increase of R1 billion in the space of ten days and an increase of R2.8 billion in the space of six months.”

Lees warned that with a full month of figures left to be reported on, this figure of R4.5 billion could experience yet another significant increase.

“The DA will interrogate these volatile numbers fully when SAA appears before the SCOF on Wednesday, 29 March 2017, as it is simply inconceivable that SAA losses have increased by a staggering R1 billion in a matter of weeks,” the shadow minister said.

The SA Pilots Association and Outa announced earlier this month that they were taking legal action against SAA chair, Dudu Myeni, for her role in the airline’s financial state.

The two parties want the courts to declare her a ‘delinquent director’. SAA Pilots’ Association chair, Jimmy Conroy, said that the crisis at SAA has reached a “tipping point”.

Global ratings firm S&P Global also warned earlier this month that South African SOEs like SAA were putting massive strain on the economy, and continued bailouts will ultimately push the country’s sovereign debt below investment grade.

Read: Myeni’s ‘highest order’ delinquency is killing SAA

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  • Gawie Diedericks


  • James Dean

    Our parastatals are laundry machines that feed the cadre elite with bailout money.

  • Thomas Edison

    Sell it! – If you can find a buyer,

  • Comrate

    no news here

  • Joe Black

    Its been run into the ground…

  • RocketBoy

    Ka leffu la ka,kaaaaa leffuu laka!!!!

  • victory

    ZUPTAS will blame Gordhan for all this fiasco

  • Khalsa S

    Hardly a surprise……. the progession from the bush to executive management is a few evolutionary steps too far for the ANC.
    But theyre all mega rich so I guess theyre having the last laugh at our expense

  • Riaan

    Does anyone have an appreciation for how much money R4.5B is? With last year’s Mathematics’ results I guess the average South African won’t take notice.

  • Ernest

    SAA, SABC, PostOffice, PetroSA, Eskom, etc. All the fruits of BEE!

  • Jibbers Crabst

    Where do we sign up for the free flights? =D

  • the-TRUTH

    Ayeye, #ANCMustFall
    I am gatvol of all ANCkleptocracy, ANCorruption, ANCrookery, ANCadreDeployment and ANCrimes

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