Presidency: SAA will not move from Treasury to Transport | Fin24
  • Credit Rating

    Moody's has (again) said that weak state-owned entities are a risk to SA's sovereign credit rating.

  • SARS Inquiry

    Judge Nugent has recommended the president sack suspended SARS boss Tom Moyane.

  • Nene Rand Rollercoaster

    Simon Brown says savvy investors worked out how the rand would react to uncertainty at Treasury.


Presidency: SAA will not move from Treasury to Transport

Dec 03 2017 14:48

Johannesburg - The Presidency has denied reports that the government will move South African Airways (SAA) out of National Treasury to the Department of Transport.

“The reports are incorrect. No such decision has been taken," it said in a statement on Sunday.  

“SAA remains located at the National Treasury where it will continue to receive support and guidance as it rebuilds itself following the appointment of a new board and CEO,” the Presidency added.

The Sunday Times reported earlier in the day that former SAA chair Dudu Myeni had scored a top position as adviser to the transport mMinister, which would see her net R1m a year. 

When Fin24 contacted Myeni, she declined to comment. 

In October Myeni was replaced as SAA chair by businessman Johannes Bhekumuzi "JB" Magwaza, the founder and executive chairperson of Nkunzi Investment Holdings.

City Press had previously reported that three senior SAA executives, and another source close to the board, said that Myeni had informed those in her close circle at the beleaguered airline that she would not step down until President Jacob Zuma finished his second term of office in 2019. 

This was when banks and other financiers were pulling the plug on loans they gave to SAA, citing her continued presence on the airline’s board as one of the reasons.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER



Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The appointment of Tito Mboweni will:

Previous results · Suggest a vote