SAA privatisation: Could Prasa and Denel be next?
One analyst says the same ANC which destroyed SAA is now claiming they saved it, while benefitting cadre§s, but others have welcomed the move.
Political analyst Levy Ndou went as far as suggesting that Takatso Consortium’sNdou said SAA, which, according to financial statements for 2018 and 2019, recorded R16 billion in losses over the last three years, was a text book case of how to waste public money and run a strong entity to the ground.
‘The modus operandi is to loot’Ndou said most of he country’s major railway network had collapsed, with billions of rands that government does not have needed to fix the massive infrastructural damage.The consortium, which will inject R3 billion into the airline, is made up of pan African infrastructure development fund manager Harith General Partners, as well as Global Airways.Read more: The Citizen News »
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None should be sold but with good proper ethical leadership they can saved and rid the entities of cadre deployment. I thought selling eskom would be a good idea but changed my mind after learning about the disadvantages of having private companies for electricity supply 🙆🏾♂️ We repeat, Tito Mboweni is a dangerous crisis. He is going to privatize everything, including the Union Buildings.
SAA was rekt by deployment of Cadre$ and corruption under the pretext of BEE Everything even us,the citizens. All of them. They cannot manage them mos... The ANC! CyrilRamaphosa is working hard to make sure all SOEs are privatised to appeas his handlers. How did you know
State’s 49% stake in SAA can be further dilutedTakatso’s majority share could increase if the airline needs more funds The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of KevinKatch2 I've been earning ZAR60,353.00k weekly I've never regretted this decision fellow RSA, 🙏🏻
Government should've sold 100% of SAA, says economistPublic Enterprises Minister Pravin Gordhan on Friday announced that Takatso Consortium will acquire a 51% stake in SAA, while government will keep 49% shareholding in the new airline. The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of KevinKatch2 I've been earning ZAR60,353.00k weekly I've never regretted this decision fellow RSA, 🙏🏻 I saw several people testifying of making so much money with the help of Victorcordero63 on Bitcoin options fade and I dicided to gave a try and am gald he helped me and my colleagues to make allot of profit in one week , thank you for your transparency and trust says white people
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Ex-SAA pilot with 100% safety record died because his passenger was too heavyStewart Lithgow flew everything from military aircraft and jumbo jets to aerobatic biplanes, and in 25,000 hours at the controls he never had an accident. That changed when the retired SAA captain took a tourist for a 30-minute flight around Plettenberg Bay in his motorised glider. He died because he became sloppy and allowed an overweight customer on his plane. Money made him see the man as slimmer For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him _Alexander56 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success I noticed a crowd of people giving testimony about Miss LouiseConway86 For helping them earn a huge amount of money from trading. So I decided to give it a try and to my surprise my first investment was just $300 and I received a profit of $3,950 A very reasonable amount
Is SAA really free of political influence? | CitypressOne of the partners in the Takatso consortium, which will acquire a controlling interest in the new South African Airways, has strong ties with the ANC No shit Sherlock 🙄 No, who would have guessed! Is this really surprising.....the plan is to mismanage the SOEs and then sell them to friends and families
NEWS ANALYSIS: The ins and the outs of SAA deal: who pays the debt and what is the price?Tito Mboweni has not yet agreed to R3.5bn required from the fiscus, but money will no doubt be allocated
New York, USA - March 1, 2020: South African Airways Airbus A350-900 airplane at New York John F.BL PREMIUM 14 June 2021 - 00:00 Thando Maeko Takatso, the consortium picked to buy a majority stake in SAA, could raise its stake if the airline runs out of money, ensuring that the government is off the hook for any possible future recapitalisation efforts.Takatso consortium named as a strategic equity partner for SAA “In principle, I’m absolutely in favour of this … the only criticism that I have is that the state is still keeping 49% when they should’ve sold all of it.BL PREMIUM 14 June 2021 - 00:00 Thando Maeko Takatso, the consortium picked to buy a majority stake in SAA, could raise its stake if the airline runs out of money, ensuring that the government is off the hook for any possible future recapitalisation efforts.
Kennedy airport (JFK) in the USA. Airbus is an aircraft manufacturer based in Toulouse, France.. Picture: iStock Government has run out of money and options to keep the looted and rundown state entities afloat, with experts convinced that the Public Rail Agency of SA (Prasa) and Denel are likely next in line to be sold off to private partners. “Something that I’d like to know much more about is where will the consortium get the money? Will it be actual new money coming in or will it be money coming from, for example, an institution such as the Public Investment Corporation (PIC)? There are rumours doing the rounds that the money will come from the PIC,” said Roodt. Political analyst Levy Ndou went as far as suggesting that Takatso Consortium’s acquisition of 51% of state airliner South African Airways (SAA) was a culmination of deliberate running down of state entities in order to justify selling them off to the connected black business elite. B Premium This article is reserved for our subscribers. Ndou said SAA, which, according to financial statements for 2018 and 2019, recorded. A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
. Already subscribed? Simply sign in below. We have looked long and hard at the proposals submitted, and our clear choice of a preferred partner is the Takatso Consortium.. Government has run out of money and options to keep the looted and rundown state entities afloat, with experts convinced that the Public Rail Agency of SA (Prasa) and Denel are likely next in line to be sold off to private partners. Political analyst Levy Ndou went as far as suggesting that Takatso Consortium’s acquisition of 51% of state airliner South African Airways (SAA) was a culmination of deliberate running down of state entities in order to justify selling them off to the connected black business elite. "With this partnership, we believe we are closer to achieving the important objective of having a sustainable national airline. Ndou said SAA, which, according to financial statements for 2018 and 2019, recorded R16 billion in losses over the last three years, was a text book case of how to waste public money and run a strong entity to the ground.
ALSO READ: DA questions SAA privatisation ‘The modus operandi is to loot’ “It is the beginning of things to come, the fruition of a programme to collapse state entities for them to be bought off by the influential, powerful black economic empowerment [BEE] moguls,” Ndou said. “SAA was deliberately collapsed, run at a loss and bailed out every year. As we recover from the impact of Covid-19 on the aviation industry, African countries will reopen their borders, enabling the movement of people, cargo and trade. How do you fly a 96-seater plane from Wonderboom to Cape Town with only 16 passengers?” Ndou said most of he country’s major railway network had collapsed, with billions of rands that government does not have needed to fix the massive infrastructural damage. He said taxpayers were also increasingly annoyed by government’s continued bailing out of state entities, while failing to capacitate them to stay afloat. “The modus operandi is to loot and not capacitate, so that tells you what the real intention is." Harith General Partners co-founder and chair Tshepo Mahloele said the Takatso Consortium has the experience, expertise, and capital to transform SAA into a substantial operating business in its own right.
Run them down and sell them to BEE elite at next to nothing,” Ndou added. The consortium, which will inject R3 billion into the airline, is made up of pan African infrastructure development fund manager Harith General Partners, as well as Global Airways. The deal has not gone down well with the National Union of Metalworkers of South Africa (Numsa), charging that the same Department of Public Enterprise that refused to act to stop the looting of SAA through the bloated, corrupt procurement spend, has now privatised it. We have deployed more than a billion dollars into a portfolio of critical infrastructure assets, across the African continent, that support regional economies. Numsa general secretary Irvin Jim said in a statement that Global Airways is owned by former Transnet board chairperson Popo Molefe. Jabu Moleketi, deputy finance minister between 2004 and 2008, is chairperson of the Harith board.
ALSO READ: Government employees, taxpayers still footing the bill for privatised SAA “…the same ANC which destroyed SAA, can then claim to have ‘saved’ the airline through a public-private partnership. Takatso chief executive, former Comair co-chief executive and, recently, co-founder of Global’s airline LIFT, Gidon Novick said he was confident that SAA could be built into an efficient, customer obsessed and innovative airline, that serves as a catalyst for growth in the South African economy, particularly tourism. And at the same time, those who are benefitting from these deals are ANC cadres and their crony capitalist friends,” he charged. ‘Denel should be next in line’ The Organisation Undoing Tax Abuse (Outa) believe privatisation is the way to go for SOEs and that the ANC’s alliance with labour is clearly one that does not favour the strategy to collapse SOEs. Outa executive Wayne Duvenage said Denel, which he described as a tragedy, should definitely be the next in line for privatisation. Transformation will be core to SAA, including accelerated training and promotion of qualified black pilots, and a broad based employee incentive scheme,” he said. “But we are not surprised, because the past decade has shown us how the state has lost its ability to stay out of interfering with its business entities and has no idea how to run such complex business systems… In fact, I don’t think they’ll get much for Denel, which should probably just be liquidated.
,” Duvenage said. SA would have saved billions of rands in bailouts had this been the case, he said, charging that in fact government should get out of the business of business and enable a healthy competitive enterprise, with strong oversight role. “The fact that Telkom went the privatisation route they did is an indication of how SOEs can survive. Believe me, if Telkom did not do so, it would have been dead in the water today. This notion of job losses due to the sale and privatisation of SOEs is a fallacy,” Duvenage said.
He added that the other side of that coin, was to keep all the jobs and let government become an employment agency, and against that backdrop, we must simply accept the continuous bailouts of failed SOEs until we become a failed state. Business Unity South Africa (Busa) also believed partnerships between the private sector and government in non-strategic SOEs was the appropriate way to go, as it enabled private capital injection and expertise. “We also remain clear that government must continue to review its SOEs with a view to rationalisation to ensure fewer SOEs that are efficient and sustainable. The closure of SOEs that serve no social or economic purpose must also be considered,” Busa chief executive Cas Coovadia said. North-West University political analyst André Duvenhage said government could no longer afford and justify bailing out failed SOEs, which he described as an environment of decay that has crept into the private business.
“It is the rot, it is the incompetence, and that leads to the environment of decay we see now with the closure of a .