Is the Takatso consortium holding the 51% stake in SAA for speculative purposes?
15 November 2022
Note to editors: Please find attached soundbite by Ghaleb Cachalia MP.
The resignation of Gidon Novick from the board of SAA's chosen equity partner, the Takatso consortium, citing concerns about the consortium's ability to raise enough money, raises serious concerns on whether the consortium is hoarding its 51% stake in SAA for speculative purposes.
The DA will now write to the Competition Commission requesting that they investigate whether the Takatso Consortium entered into the SAA deal under false financial pretenses and are simply unable to raise the requisite equity to fulfill their end of the agreement.
Since the announcement of this so-called SAA/Takatso deal, the Minister of Public Enterprises, Pravin Gordhan, has been evasive and has refused to be transparent on the finer details of this supposed deal. This has not only created uncertainty on the viability of the transaction but it has also led some to speculate that Gordhan might have rushed into this deal without conducting due diligence on the Takatso consortium.