BANGKOK, 17 December 2018: South African Airlines needs more financial handouts from the government to survive according to the airline CEO CEO, Vuyani Jarana.
In an interview with local media in Johannesburg last week the CEO admitted the airline was not ready to take on board an outside partner as recommended by the government.
Claiming a government bailout had helped in the past, he argued the airline was a state asset and not ready for a private equity partner.
The South African government considered recruiting a private equity partner to help rescue the floundering airline a move the CEO said the airline was not ready to implement.
SAA is considered to be a massive drain on the South African economy with experts calling for urgent privatisation.
It’s most recent financial results showed that it incurred a R5.6-billion loss for the year ended March 2017, almost R3 billion more than it had initially predicted.
