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saa thumb medium95 76Sunday Independent reports that SA Airway’s (SAA’s) business rescue practitioners (BRPs) are under fire for raking in over R30 million in fees without producing a plan to save the broke airline.  

The state-owned carrier has lost almost R16 billion in the past three years.  The BRPs, Les Matuson and Siviwe Dongwana, were heavily chastised by the chairperson of the National Assembly’s standing committee on public accounts, Mkhuleko Hlengwa, and Public Enterprises Minister Pravin Gordhan on Friday.  Gordhan told a virtual meeting of the committee that a total of R30m was shared between Matuson and Dongwana for between three or four months’ work since their appointment in December.  Dongwana advised that their hourly rate was regulated by the Companies and Intellectual Property Commission.  “We would be more than happy to provide the fees for the rest of the team to the committee in writing for the duration of the business rescue process including the fees for all the advisors,” he indicated.  The committee also heard that the carrier had no money to pay its 4,708-strong workforce this month.  “From May 1 due to the lockdown and the inability to have people working, everyone is on unpaid leave of absence and the company does not, as things stand, have funds to pay salaries for May,” Dongwana advised.

  • Read the full original of the report in the above regard by Loyiso Sidimba at Independent News

Read too, Unions want SAA business rescue team audited, at BusinessLive


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