Treasury takes over SAA reins

Pretoria: South African Airways (SAA) will be transferred from the Department of Public Enterprises to the National Treasury.

The announcement was made at the last post Cabinet briefing of the year, which was chaired by Minister in the Presidency, Jeff Radebe.

Addressing the media on Thursday, Minister Radebe said Cabinet was concerned about the performance of some of the State-owned companies (SOCs), in particular SAA, the South African Post Office and Eskom.

“These SOCs play a critical developmental role within the South African economy. The President has assigned Deputy President Cyril Ramaphosa to oversee the turnaround of three state-owned companies, namely SAA, Eskom and the South African Post Office.

“Working with the relevant ministries, the SAA will be transferred from the Department of Public Enterprises to the National Treasury. The Presidency will closely monitor the implementation of the turnaround plans of these three critical State-owned companies that are drivers of the economy,” said Minister Radebe.

SAA on Tuesday announced its 90-Day Action Plan aimed at steering the airline back to the full implementation of its Long-Term Turnaround Strategy (LTTS). Acting SAA CEO Nico Bezuidenhout said the airline was working closely with the Department of Public Enterprises and National Treasury to ensure implementation progress against the 90-Day Action Plan interventions.

SOURCE: SOUTH AFRICAN OFFICIAL NEWS