SAX is also on the verge of bankrupcy. VERY good story in the Business Day a few weeks back. Will try find it. Basically says SAX also uses some very 'interesting' accounting practice. Makes profit, but always needs R200mill from me, the tax payer.
SAX own auditors not sure it has the funds to meet its up coming commitments. Zero mantainance reserves. Also owes Transnet a fortune, like a BILLION rands.
Only thing that made it a "good" story was the fact that it might have sold a few extra R3.50 Newspapers and that is about it...
Similar to the Sunday Times front page which yells about the SAA Plan quoted to save R2.7 bn. Why then (if the reporters had the scoop), do they only refer to R598 mil woth of savings?
I know why - because those are the "touchy" ones that will sell a few Newspapers again - hey, even I bought one.
A lot of accusations/assumptions in your post there Avi8tor.
Am I not mistaken that only a week or two ago RF said: Go ahead, strike if you like - I'll close the "Airline" and lose my 1 house and 1 car. So what?
Where is the liquidity there then...?
Pun over!
