SAA cannot use government funds yet
JOHANNESBURG – Administrators for South African Airways (SAA), which has been under a form of bankruptcy protection for a year, said that they had received 1.5 billion rand ($98 million) from the government but that they could not use it yet.
The administrators said in a statement that conditions on how the 1.5 billion rand should be spent were in contravention of the Labour Relations Act and the Companies Act. Until the Department of Public Enterprises amends the conditions the funds cannot be used, they said.
© Reuters, aero.uk | 03/12/2020 10:39