Urgent capital injection needed - SAA CEO

SAA faced the Standing Committee on Public Accounts in parliament to answer questions around its irregular, fruitless and wasteful expenditure for the 2016/17 financial year. Key takeaways from the sitting is that SAA has debt of more than R9.2 billion and that it needs another capital injection of R5 billion to pay its debts and other operational costs, this after already having received state guarantees of nearly R20 billion . SAA CEO and board members are of the view that SAA can be turned around while trade union, Solidarity says that business rescue is the only option for SAA at this point, the union plans on heading to court for that application.

Themba Godi, Chair of the Standing Committee on Public Accounts spoke with Business Day TV in a telephonic interview to discuss his reading of the matter.