EFF STATEMENT ON THE SAA BAILOUT
Friday, September 29, 2017
The Economic Freedom Fighters notes that Malusi Gigaba has once again invaded the National Revenue Fund, took R3 billion to bail out the badly run South African Airways. The EFF believes that the bailout of SAA when Dudu Miyeni is still its Chairperson and without a comprehensive recovery plan is not only thoughtless but an extremely reckless financial management.
The SAA is in crisis because of the incompetent leadership of Dudu Myeni, who for 8 years has hounded off competent managers from the airplane and replaced them with incompetent sycophants who are dismally failing to bring the airline to stability. SAA under Dudu Myeni has never had stable leadership, which was designed by her handlers so that she illegally interferes with management functions, particularly procurement.
On many occasions, the EFF has illustrated to the Standing Committee on Finance and Parliament that retaining Dudu Myeni as Chairperson of SAA will only lead to deeper crisis. Despite these many illustrations, submissions and cogent arguments, Malusi Gigaba extended Dudu Myeni's as Chairperson of the Board, despite a 2016 Cabinet resolution that she will only serve for one year, which ended 31st August 2017.
The EFF knows that Lenders to SAA refused to roll over the loans because they objected to the continued presence of a delinquent director Dudu Myeni as Chairperson of the airline. The Lenders refused to roll over the loan because SAA under Dudu Myeni is still directionless and has no believable recovery plan.