South African Airways 'is on verge of bankruptcy'

South African Airways 'is on verge of bankruptcy'

Iconoclastes

Iconoclastes

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South African Airways (SAA) has run out of money and is teetering on the edge of bankruptcy, according to information given to the country's parliament.
It is thought the national carrier may soon be unable to pay salaries.

The cash-flow statement shown to MPs and seen by the BBC paints a picture of an airline haemorrhaging cash.

It says that matters may improve by October, but only if it gets a 792m-rand (£45m) bailout from the government.
Even then, the situation is expected to deteriorate again by December with a forecast cash outflow in that month of £38m.

The airline has lost money in each of the past seven years. Acting chief executive Musa Zwane, who has led the company for the last 18 months, has been trying to put together a recovery plan since January.

"Essentially insolvent"
Last month, the Treasury paid out £125m to settle a loan from Standard Chartered Bank‚ which the bank had refused to extend.

South Africa's Finance Minister, Malusi Gigaba, has disclosed that SAA asked the Treasury in March for a £560m recapitalisation. He is expected to give an answer by October.
Alf Lees, the deputy finance spokesman of the opposition Democratic Alliance, said: "Essentially they are insolvent and should have filed for liquidation.

"We believe that the directors are in breach of the South Africa companies act by continuing to trade recklessly knowing that SAA will not be able to meet its financial commitments and without any guarantee that the shareholder (the South African government) will be prepared to continue to bail them out."

UNIONS MARCHING

In 2015, consultants Ernst & Young presented a report to the government into 48 of the largest contracts awarded by SAA. The report showed that 28 of them, or 60%, were improperly negotiated, poorly contracted or weakly managed.
The airline is also facing pressure from its unions. The National Union of Metalworkers of South Africa (NUMSA) and the South African Cabin Crew Association (SACCA) are planning a march on Friday to SAA's Johannesburg headquarters.

An NUMSA spokesperson said: "Corruption at SAA is rife, it's clear that the state owned entity is being looted.
"The report by Ernst & Young paints a picture of rampant mismanagement, fraud and corruption. SAA has lost billions because of tender irregularities."

The unions are also threatening strike action over pay, claiming that pilots have been getting generous pay awards while cabin crew, ground staff, cargo staff and technical staff have been refused wage rises.

South African Airways 'is on verge of bankruptcy' - BBC News
 
Lol those pouds needed sio mchezo...au nako Zuma ameshachukua pounds na kimya kimya...hawa walipewa Air Tanzania wakachemka..
 
Kabisa Mkuu huku ni kukurupuka kwa hali ya juu kwa yule one man show. Hili lilitakiwa lifanyiwe utafiti wa kina na washauri wake lakini bwana yule kwa kujiona anajua kila kitu akakakurupuka na kutumia $485 million zaidi ya Tshs trilioni bila idhini ya Bunge kutuingiza kwenye mkenge mwingine. Mashirika makubwa yenye uzoefu yanaingia hasara kubwa sana itakuwa hili shirika changa tena kwa kutegemea abiria wachache wa ndani ya nchi. Tumeliwa!

Victor wa happy said:
Kuendesha airlines ni mzigo mkubwa sana
Angalia Kenya tu hapo wakongwe kazin lkn bado serkali inatoa pesa kuisaidia Kenya airway la sivyo ingeshafilisika

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Hizo ndege zilikuwa chini ya wazungu wamewaondosha wote tizama hata mkuu wa shirika ni mzawa na waziri pia mzawa sifa tu kazi hawawezi. Yule mbunge aliyewapa za usoni kuwa south Africa ilikuwa nzuri ya kupendeza chini ya utawala wa wazungu yaani before ANC
 
BAK said:
Kabisa Mkuu huku ni kukurupuka kwa hali ya juu kwa yule one man show. Hili lilitakiwa lifanyiwe utafiti wa kina na washauri wake lakini bwana yule kwa kujiona anajua kila kitu akakakurupuka na kutumia $485 million zaidi ya Tshs trilioni bila idhini ya Bunge kutuingiza kwenye mkenge mwingine. Mashirika makubwa yenye uzoefu yanaingia hasara kubwa sana itakuwa hili shirika changa tena kwa kutegemea abiria wachache wa ndani ya nchi. Tumeliwa!
Click to expand...
Kama kweli hii ishu ni mtihani sana....sijajua kwa sasa lakini mwaka jana hakukua na ndege ya direct flight kutoka Heathrow kuja Dar, hio sio ishara nzuri kwwnye sector hii..sababu abiria hakuna...ni aidha upite transit Kigali au Nairobi...na kama hali ya uchumi wa dunia itaedekea kudorora sijui hao abiria tunawategemea wapi..
 
Victor wa happy said:
Kuendesha airlines ni mzigo mkubwa sana
Angalia Kenya tu hapo wakongwe kazin lkn bado serkali inatoa pesa kuisaidia Kenya airway la sivyo ingeshafilisika

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Click to expand...
Kuna kitu kinaitwa airline size threshold! Tanzania kama ilivyo ina uwezo wa kuwa na midsized airline yenye aircraft around 20 kama nia yetu ya kuwa na watalii milioni tatu ipo ukizingatia uwekezaji unaondelea kwenye viwanja.

Tanzania kwa ukubwa wake na kuanzia ina base nzuri ya local destinations (international n regional airports) zisizopungua 15 ambazo ziko paved. Na kumbuka KQ ina-suffer kwa ajili ya ushindani wa kijinga wa kujiingiza kwenye bloated project Mawingu ambayo haikuangalia market needs bali kutaka kuipiku a well established Ethiopian Airlines that has good reputation.

Pia kudharau impact ya Rwandair na sasa ufufuaji wa Air Tanzania na Air Uganda. Ki ukweli serikali ya kila mmoja wao italinda maslahi ya airline yake na yule tu mwenye bidii ya kutumia utalii ataepuka hasara. Na ndo maana Tanzania haiwezi kujiunga one visa for tourist kwa sasa.

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Geza Ulole said:
Kuna kitu kinaitwa airline size threshold! Tanzania kama ilivyo ina uwezo wa kuwa na midsized airline yenye aircraft around 20 kama nia yetu ya kuwa na watalii milioni tatu ipo ukizingatia uwekezaji unaondelea kwenye viwanja.

Tanzania kwa ukubwa wake na kuanzia ina base nzuri ya local destinations (international n regional airports) zisizopungua 15 ambazo ziko paved. Na kumbuka KQ ina-suffer kwa ajili ya ushindani wa kijinga wa kujiingiza kwenye bloated project Mawingu ambayo haikuangalia market needs bali kutaka kuipiku a well established Ethiopian Airlines that has good reputation.

Pia kudharau impact ya Rwandair na sasa ufufuaji wa Air Tanzania na Air Uganda. Ke ukweli serikali ya mmoja wao italinda maslahi ya airline yake na yule tu mwenye bidii ya kutumia utalii ataepuka hasara. Na ndo maana Tanzania haiwezi kujiunga one visa for tourist kwa sasa.

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Thanks brother I gotta it

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Captain Marvelous said:
Kama kweli hii ishu ni mtihani sana....sijajua kwa sasa lakini mwaka jana hakukua na ndege ya direct flight kutoka Heathrow kuja Dar, hio sio ishara nzuri kwwnye sector hii..sababu abiria hakuna...ni aidha upite transit Kigali au Nairobi...na kama hali ya uchumi wa dunia itaedekea kudorora sijui hao abiria tunawategemea wapi..
Click to expand...
Air Tanzania soon wanaanza kwenda Nairobi, Entebe na Bujumbura nyie sijui mnafarijiana kitu gani hapa
 
REDEEMER. said:
Air Tanzania soon wanaanza kwenda Nairobi, Entebe na Bujumbura nyie sijui mnafarijiana kitu gani hapa
Click to expand...
Sssa Bujumbura kuna biashara gani?CRDB wenyewe branch ya huko bujumbura wako choka mbovu.
 
Geza Ulole said:
Kuna kitu kinaitwa airline size threshold! Tanzania kama ilivyo ina uwezo wa kuwa na midsized airline yenye aircraft around 20 kama nia yetu ya kuwa na watalii milioni tatu ipo ukizingatia uwekezaji unaondelea kwenye viwanja.

Tanzania kwa ukubwa wake na kuanzia ina base nzuri ya local destinations (international n regional airports) zisizopungua 15 ambazo ziko paved. Na kumbuka KQ ina-suffer kwa ajili ya ushindani wa kijinga wa kujiingiza kwenye bloated project Mawingu ambayo haikuangalia market needs bali kutaka kuipiku a well established Ethiopian Airlines that has good reputation.

Pia kudharau impact ya Rwandair na sasa ufufuaji wa Air Tanzania na Air Uganda. Ki ukweli serikali ya kila mmoja wao italinda maslahi ya airline yake na yule tu mwenye bidii ya kutumia utalii ataepuka hasara. Na ndo maana Tanzania haiwezi kujiunga one visa for tourist kwa sasa.

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Hapa naomba kukinzana na wewe kuhusu hilo hoja yako kuhusiana na KQ.
Either ni kudanganya ama ni kutojua, lakini najua ni kupotosha watu humu kama ilivyo ari yako ya kuponda chochote kuhusu Kenya.

KQ inahudumia wateja wenye hadhi sawa kama Ethiopia Airline, they cater for the same market needs. KQ hata imepiga hatua ya kuanzisha huduma za ndege kwa wale wenye hadhi ya chini...the budget airline iitwayo Jambo Jet.

Kenya haikuwa inafanya ushindani, bali hali demand ilikuwa nzuri sana kiasi cha kwamba kwa mwaka ikikuwa ikiwasafirisha mamilioni ya wateja. Mwaka jana pekee si ilibainika ya kwamba KQ ilipata wateja 4milioni?
Hizo projects umetaja hapo kama projects mawingu yalikuwa ni lazma kutokana na the positive projections iliokuwa regarding the future growth of the industry, esp in the region.

ET is well established and with a good reputation, but so is KQ!

Na Rwandaair na Uganda airline zimekuwa na impact gani kwa KQ? Fastjet pia ilingia kwenye soko hili, but where is Fastjet now? Where is Uganda Airline? Is Rwandair as dominant as KQ leave alone in the continent, but in the region? No.

We wish u well with your ATCL, but it wont be easy, I warn u

Shinda zilizoikumba KQ hazikutokana na upinzani ya hizo mashirika zingine, bali hizo hizo changamoto ambazo zimeikumba SAA; usimamizi mbaya hasa na misukosuko ndani ya Kenya kutokana na visa kadhaa vya kigaidi, kuwafanya hasa tourists kutokuja Kenya kama ilivyokuwa hapo mbeleni.
 
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