SAA scandal: Myeni must be fired
24 November 2015
In a frantic attempted cover up by the Chairperson of SAA, Dudu Myeni, it emerged that late yesterday evening the state-owned airline applied for an urgent court interdict to remove a story exposing the contents of an explosive internal memorandum by acting CEO, Musa Zwane, informing the board of the dire state of the enterprise’s finances.
The reason for this interdict is quite clear as according to reports today, the existence of this internal memo serves to acknowledge and confirm the absolute financial shambles in which SAA finds itself under the leadership of Myeni. The red lights continue as the memo points to reckless and gross negligence, a real threat of insolvency, and deep secrecy and mistrust internally. Its also makes the following points to SAA’s board:
SAA must either secure an equity injection from Government or apply for business rescue – by continuing trading under current circumstances is reckless;
SAA is technically insolvent as its liabilities exceed the value of its assets and for this reason requires a government guarantee to be declared a going concern;