SAA takes out begging bowl to return to its former glory

Facing a barrage of questions from MPs serving on the standing committee on public accounts (Scopa) concerning the financial and operational status of state-owned enterprises (SOEs), transport minister Barbara Creecy yesterday said the "debt-free" SA Airways (SAA) required a capital injection through an equity partner to get back to its former glory.

- Brian Sokutu

Assuring MPs that the airline would not be privatised, Creecy said government would be open to a model allowing for development financial institutions taking an equity stake in SAA - similar to the Public Investment Corporation having invested in Airports Company South Africa.

Despite MPs pushing for SAA's liquidity to be presented through audited financial statements, board chair Derek Hanekom and chair of the audit, risk and governance committee Fathima Gany promised to table the documents by next year. "When we went in to serve on the SAA board 17 months ago, there was a serious backlog in the submission of audited financial statements.

"We have completed 2022-23 and we are waiting for our AGM [annual meeting] before they can be made public.

"The 2023-24 statement will be audited by February 2025," said Hanekom.