Selling off assets won’t save SAA‚ says DA

Selling off the assets of SA Airways (SAA) will not save the national carrier‚ the DA says.

“The state of SAA and other state-owned enterprises must be placed squarely at the feet of the failing ANC. Under their watch‚ state entities have disintegrated because of corruption and gross mismanagement‚” DA shadow deputy minister of finance Alf Lees said on Sunday.

He added that the DA‚ through parliament‚ would do all it could to rescue these entities from further ruin.

This comes after City Press reported on Sunday that SAA was considering selling off assets after banks refused to lend it any more money.(https://www.news24.com/SouthAfrica/News/saa-bleeds-cash-20180922)

At the end of July‚ SAA’s debt was reportedly R15bn more than its assets.

The Sunday newspaper said a confidential report was presented at a company board strategy session 10 days ago. It revealed the airline was looking at various cost-cutting measures‚ including selling off its catering arm‚ Air Chefs‚ and outsourcing or selling SAA Cargo.

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