BREAKING NEWS:- SAA has already eaten through more than half of its R5 billion bailout

South African Airways seems to be a bottomless pit. South African Airways (SAA) has already spent more than half of its recently approved R5 billion government bailout.

So here we go again:- SAA will receive ‘final’ bailout of R5 billion, says Department of Public Enterprises

According to the Department of Public Enterprises, this R5 billion bailout will be the final financial hand-out afforded to the ailing national carrier.

Everything that the ANC has laid its hands on since 1994 has been tainted, yet ANC members of Parliament say that there is absolutely nothing wrong in our country

Everything that the ANC has laid its hands on since 1994 has been tainted. Institutions, municipalities and services are collapsing. There is not a single success story. Things will only change if the ANC is ousted at the polls. At Read More …

Breaking News:- Six SAA pilots retire at the same time

Six senior South African Airways (SAA) pilots were missing from the sky this month, as all six retired simultaneously. Between them, Captains Fanie Coetzee, André Nagel, Elmer Leeuvennink, Ken Badenhorst, Gerry O’Neil and senior officer Louis Nel have more than 200 years of service.

Fraud and theft behind SAA bankruptcy – SAA’s debt is currently R15 billion more than its assets, and banks will no longer lend the airline any money

While the airline is required to present its financials by the end of the month, it cannot do so as it’s technically bankrupt. A report in The City Press on Sunday documents the massive financial problems of state-owned airline South Read More …

All aboard the money flight – SAA executive consultants paid R16 million salaries

Embattled national carrier, South African Airways (SAA), has admitted to paying R16 million in executive consultancy fees. This includes R10 million for three personnel working on a six-month contract. Problems keep boarding SAA on a flight destined for collapse. This Read More …

State-owned enterprises: Which one costs South African taxpayers the most money?

South African state-owned enterprises set the stage for a sad affair. The sordid tale of bottomless funding vanishing under the unexplainable guise of ‘irregular expenditure’ – the millions become indiscernible from the billions, spoken of as fictitious currency. But the Read More …

Costly Head winds pummel the South African Airways

Finance Minister Nhlanhla Nene has demanded an explanation from SAA for its contract with interim chief financial officer Robert Head that will see him pocketing more than R5‑million for six months’ work.

Cash strapped state airline SAA goes on spending spree

Struggling state airline SAA is splurging millions on executives and consulting firms in a spending frenzy that has been described as “worrying”.

Its recently appointed chief executive, Vuyani Jarana, has said the increased expenditure is necessary to address a severe skills shortage.

The Mail & Guardian has established that SAA, which last week received yet another R5‑billion bailout from the treasury, is paying R25‑million to Deutsche Bank in a deal to analyse its financials and restructure its debt.