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IGNORE THE POLITICS GOVERNMENT TELLS NEW SAA BOARD

Date published 23.10.2017

AS the government is poised to inject more billions of rands into South African Airways, the National Treasury has told newly appointed board members  to “ignore the political noise and focus on the business of strengthening SAA”. It will be at least another week before the current board is dissolved and embattled Chairman Dudu Myeni is finally removed.

Finance Minister Malusi Gigaba announced the appointment of six new members to the board last week, as well as the full slate of non-executive board members, which had been approved by the cabinet.

Johannes Bhekumuzi Magwaza is the new chairman and Nolitha Fakude is deputy chairman.

Other new non-executive directors are Geoff Rothschild, Ahmed Bassa, Tinyiko Mhlari and Martin Kingston.

Current non-executive directors who will continue on the board are: Bajabulile Swazi Tshabalala, Peter Tshisevhe, Thandeka Nozipho Mogoduso, Peter Holmes Maluleka and Akhter Hoosen Moosa.

The finance minister will hold a special meeting with the new board on November 3, the same date as the airline’s scheduled AGM.

DA Shadow Deputy Finance Minister Alf Lees questioned Mr. Gigaba on why the meeting seemed to have replaced the AGM and who would present the 2017 annual report.

Mr. Lees also demanded to know if SAA lenders had made the removal of Dudu Myeni a condition before further extensions on loan repayments could be granted and what other conditions they imposed.

“Minister Gigaba seems to think that by finally removing the toxic Myeni, that SAA will be saved. This is not the case… SAA can only be saved if it is put into business rescue, stabilised and sold,” Mr. Lees maintained.


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