President Ramaphosa had no choice but to accept SAA business rescue proposal: DA

The Democratic Alliance (DA) says President Cyril Ramaphosa had no choice but to accept a proposal for a business rescue for South African Airways (SAA).
Reacting to the announcement that the embattled national airline has been placed under business rescue with immediate effect, DA Chief Whip Natasha Mazzone says the party hopes that the jobs of the many workers at SAA will not be affected by any rescue the company is subjected to.
“ Finally the President was forced into a situation where SAA is going to be put under business rescue. As we know the insurance policies on SAA were withdrawn -which is a very serious indication, actually I don’t think it’s safe bet anymore to ensure the airline. So this business rescue now will go forward. Our biggest concern is that the staff at the SAA don’t suffer because of the bad decisions made by the management and the executive at SAA.”

The Companies and Intellectual Property Commission (CIPC) has confirmed that it has received the application from SAA for voluntary business rescue. CIPC says it is currently evaluating the application to see if it meet all requirements before effecting the new status of SAA.
CIPC Manager Christa Klowkow says once the status of SAA has been changed to business rescue, the airline will be given five days in which to appoint a business rescue practitioner who will also be screened.
Klowkow says the process to change the status of SAA, could take a week.

The post President Ramaphosa had no choice but to accept SAA business rescue proposal: DA appeared first on SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader. .


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