National Treasury has once again asked for more time to allow SAA to table its 2014/2015 financial statements. A new deadline has been set for July 15. This is the third extension; the airline was first due to submit financials in September last year.
SAA has been unable to table its financial results because it is said to be technically insolvent, needing a R5bn government guarantee to continue to operate as a going concern.
Whether SAA will receive a new guarantee depends on the appointment of a new board. The airline’s board of directors was put on notice by Deputy Finance Minister Mcebisi Jonas in early May. Jonas said during a debate in the National Assembly that the airline would only receive financial support from the Treasury once a new board was in place.
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