Myeni still SAA Board Chairperson until 3 November

Issued by Alf Lees MP – DA Shadow Deputy Minister of Finance
19 Oct 2017 in News

The DA notes with concern the Minister of Finance, Malusi Gigaba’s, statement which effectively means that Dudu Myeni shall remain as Chairperson of the South African Airways (SAA) board until his “special meeting with the new board” on the 3rd of November 2017, which also seems to have replaced the scheduled and vital AGM.

The 3rd of November is the date that the Minister told Parliament the SAA 2017 AGM would take place, not just a “special meeting” with the board.

This effectively means that the removal of Dudu Myeni and other changes to the SAA board will only be effective from the 3rd of November 2017 and that Myeni remains as the chair of the SAA board for another 14 days.

At Minister Gigaba’s post MTBPS briefing to the Standing Committee on Finance on Thursday the 26th of October 2017, I will ask for clarity on the following issues:

• Did the lenders to SAA make the removal of Dudu Myeni from the SAA board a condition before extending the repayment of their R5,0 billion loans to SAA;

• What were the other conditions imposed by the domestic lenders on their loans to SAA;

• Does Dudu Myeni remain on the SAA board as its chair until the 3rd of November 2017;

• If Dudu Myeni has been removed from the SAA board with immediate effect, who has been appointed to act as chair of the SAA board;

• Why the meeting of the board to be held on the 3rd of November 2017 is a special meeting and not the 2017 AGM;

• Why has the annual report still not been tabled in Parliament; and

• Who will present the 2017 annual report to the SAA AGM?

Minister Gigaba seems to think that by finally removing the toxic Myeni, that SAA will be saved. This is not the case.

The airline is bankrupt and requires R10 billion to continue to limp along. It is time to face up to the fact that SAA can only be saved if it is put into business rescue, stabilised and sold.