Posts tagged with 'cash-strapped'

 

Cash-strapped SAA cancels 38 domestic and international flights

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SAA has confirmed its cancellation of 38 domestic and international flights between OR Tambo International Airport and Cape Town, as well as between Johannesburg and Durban’s King Shaka airports.

In a statement, the airline said: “These decisions are in line with SAA’s usual policy of reviewing flights and consolidating services with low demand. Furthermore, during the current process of business rescue, these cancellations represent a responsible strategy to conserve cash and optimise the airline’s position ahead of any further capital investment.”

The airline said it would be reviewing further schedule amendments over the coming days and would communicate any operational changes to its customers.

Those who have already booked the cancelled flights will be re-accommodated on alternative services including Mango.

Below is a list of all the cancelled flights:

The following domestic flights operated by SAA have been cancell
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Cash-strapped Road Accident Fund struggles to pay billions in outstanding debt – This is just another SOE that is collapsing under ANC-regime’s rule

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As thousands of road accident victims are anxiously waiting to be compensated by the cash-strapped Road Accident Fund (RAF) following court orders in their favour, the Gauteng High Court, Pretoria, is expected to soon deal with the fund’s inability to pay up.

Hundreds of claimants recently turned to the court where they had obtained an urgent order to attach eight of the RAF’s Absa bank accounts. The bank was ordered to use the proceeds from the accounts to pay the 346 injured victims.

The RAF in turn headed to court last month, in which it wanted this order lifted, as it said it simply couldn’t afford to pay these claimants, as its outstanding debt was more than R17billion. The fund said it couldn’t operate without its bank accounts as it is was struggling to stay afloat.

This application was not entertained by the urgent court, which meant that the bank accounts remained attached. But it came to light that the RAF then instruct
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Pravin Gordhan says cash-strapped SAA may have no money for salaries this month

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Minister of Public Enterprises Pravin Gordhan has warned that, while two unions at SAA are demanding salary increases for members, the airline might not even be able to pay any salaries at the end of the month.

The minister was speaking at a Parliamentary briefing on Wednesday. The meeting was called for feedback on power utility Eskom, but Gordhan – who met with unions on Tuesday – also made some remarks about SA’s cash-strapped national airline.

The minister said the strike was worsening the airline’s financial crisis. “SAA doesn’t have enough cash to possibly even pay salaries at the end of the month,” he said. “Not only will people not get increases but they might not even get their salaries,” he added.

Members of the National Union of Metalworkers of SA and the SA Cabin Crew Association have been on strike since Friday over wages, proposed job cuts and the demand that more workers
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Cash-strapped state arms company, Denel failed to supply R250 million worth of military Casspirs to the government of Chad after already receiving R100 million deposit

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Despite having been paid a R100 million deposit almost two years ago, the state arms company Denel has failed to supply R250 million worth of army vehicles to the government of Chad.

In 2017, Chad bought 40 military Casspirs from Denel, but the company could not deliver them while officials squabbled over the ownership of the lucrative intellectual property (IP) rights – which had been given to the Gupta family for free – to build the vehicles.

Chad has since cancelled the contract and demanded its deposit back from the cash-strapped arms company.

Denel’s failure to deliver comes at a time when the firm is struggling with liquidity issues.

Last month, Denel received a much-needed bailout of R1.8 billion from Treasury.

At the time, Treasury said the company would get another billion next year.

In recent months the company, which has been implicated in state capture, has struggled to pay employees on time. At the end of
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Cash-strapped SABC to receive yet another government bailout – The National Treasury, has, once again, been persuaded to open its coffers up to the embattled broadcaster

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The South African Broadcasting Corporation (SABC) will receive a much-needed government bailout, after failing to improve its financial position in 2019.

Government, by way of the National Treasury, has, once again, been persuaded to open its coffers up to the embattled broadcaster.

Telecommunications Minister Stella Ndabeni-Abrahams confirmed that the finance minister was expected to finalise the bailout plan, which includes guarantees on loan agreements, and, in due course, release the figures to the public.

SABC bailout “to prevent the broadcaster from collapsing”

While the Treasury has remained mum on details relating to the bailout, Ndabeni-Abrahams explained that the finance minister would sign-off on the agreement “to prevent the broadcaster from collapsing”.

Speaking to SABC News on the current challenges, both financial and operational, facing the public broadcaster, Ndabeni-Abrahams explained:

“It is in o
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