SAX sinking? (And maybe Mango too)?
Join Date: Nov 2006
Location: Below the Deepest Darkest
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No salary cuts, no holding back 13th cheque and no retrenchments.
I understand this is a rumour network but at least get some facts before posting unsubstantiated rumours
I understand this is a rumour network but at least get some facts before posting unsubstantiated rumours
Join Date: Oct 2011
Location: South Africa
Age: 54
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South African Express admits insolvency
South African Express (XZ, Johannesburg O.R. Tambo) is insolvent the carrier's management has said. During a parliamentary fact-finding mission to the airline's Johannesburg O.R. Tambo home base, SA Express's board admitted reports in the local press concerning the carrier's precarious state of affairs to be true.
According to a statement issued by Dipuo Letsatsi-Duba, the chairman of the South African government’s portfolio committee on public enterprises, while an interim agreement with South African Express' service providers has been reached, CEO Inati Ntshanga said efforts to secure additional funding via a bank loan had proven problematic given that a shareholder agreement was needed to secure the loan.
As the carrier has yet to hold its AGM on account of its financial records not yet being finalized, this could not be done resulting in an application to the country's National Treasury and Department of Public Enterprises, Ntshanga said.
In the meantime, while SA Express awaits a response, various cost-cutting measures have been enforced including wage cuts.
In early October, South Africa's Minister of Public Enterprises, Lynne Brown described SA Express' financial position as "extremely difficult".
The airline has been beset by allegations of financial mismanagement which culminated in Brown's predecessor, Malusi Gigaba, firing the carrier's board and external auditors in 2012 after they were unable to present him with audited financial statements at its then AGM.
Source: CH-Aviation
According to a statement issued by Dipuo Letsatsi-Duba, the chairman of the South African government’s portfolio committee on public enterprises, while an interim agreement with South African Express' service providers has been reached, CEO Inati Ntshanga said efforts to secure additional funding via a bank loan had proven problematic given that a shareholder agreement was needed to secure the loan.
As the carrier has yet to hold its AGM on account of its financial records not yet being finalized, this could not be done resulting in an application to the country's National Treasury and Department of Public Enterprises, Ntshanga said.
In the meantime, while SA Express awaits a response, various cost-cutting measures have been enforced including wage cuts.
In early October, South Africa's Minister of Public Enterprises, Lynne Brown described SA Express' financial position as "extremely difficult".
The airline has been beset by allegations of financial mismanagement which culminated in Brown's predecessor, Malusi Gigaba, firing the carrier's board and external auditors in 2012 after they were unable to present him with audited financial statements at its then AGM.
Source: CH-Aviation
Join Date: Sep 2008
Location: South Africa
Age: 87
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efforts to secure additional funding via a bank loan had proven problematic given that a shareholder agreement was needed to secure the loan.
Join Date: Jun 2005
Location: South Africa
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We are the most incompetent generation of fools "running the world". Because of political correctness we allow fools to govern countries and large corporations and reduce the economies to rubbish status. Until we abandon the do good attitude of uplifting the incompetent and putting them in positions they shouldn't be in, the world will chug along going from bad to worse. That warm and fuzzy feeling of how nice we are to the cripples, woman and people of all kinds of colour clearly doesn't translate into successful countries or corporations. Pretending doesn't improve the bottom line.
Join Date: Jan 2003
Location: Here and there
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SAA, SAExpress - both badly managed airlines. Burning money is what they can - and buying new aircraft without knowing how to operate them profitable. But for that cases they hire expensive consultants from large consultancies - which sellig them old concepts which do not work in RSA.
Sad stories as there are enough possibilities. If you have the right leaders with an understanding for the industry...
Sad stories as there are enough possibilities. If you have the right leaders with an understanding for the industry...
Join Date: Dec 2004
Location: England
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The situation as it is!
"Ineptocracy (in-ep-toc'-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing and, where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers!"
Join Date: Oct 2011
Location: South Africa
Age: 54
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Union apathy
The apathy of ALPA-SA is staggering. They have an obligation to challenge management to protect the interests of their members and nothing is being done.
