{"id":7029,"date":"2021-03-25T18:29:54","date_gmt":"2021-03-25T18:29:54","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=7029"},"modified":"2021-03-25T17:19:05","modified_gmt":"2021-03-25T17:19:05","slug":"saa-business-rescuers-spent-r7-8bn-on-voluntary-severance-packages","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescuers-spent-r7-8bn-on-voluntary-severance-packages","title":{"rendered":"SAA business rescuers spent R7.8bn on voluntary severance packages"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>Cape Town – SAA business rescue practitioners have used R7.8 billion of the R10.5bn given to the airline to get back on its feet.<\/p>\n

Business rescue practitioner Siviwe Dongwana also confirmed to the Standing Committee on Public Accounts (Scopa) on Thursday they will exit the business by the end of the month.<\/p>\n

This would then allow another process to revive the airline.<\/p>\n

He said the R7.8bn that they received was to pay for voluntary severance packages.<\/p>\n

Dongwana told MPs that R2.8bn was used for retrenchments, voluntary severance packages and unpaid salaries.<\/p>\n

He added that R700 million was used to pay creditors who were owed by the airline.<\/p>\n

The business rescue practitioner said R2bn was used as working capital for SAA and some of the money was money owed in lieu of tickets bought passengers but never used them after the airline was grounded.<\/p>\n

Dongwana said 3 140 have taken voluntary severance packages.<\/p>\n

\u201cAll the funds are allocated in their respective buckets in order to ensure they are used for their intended purpose,\u201d said Dongwana.<\/p>\n

He said once SAA was back on its feet it would be able to start operating again.<\/p>\n

Political Bureau<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Cape Town – SAA business rescue practitioners have used R7.8 billion of the R10.5bn given to the airline to get back on its feet. Business rescue practitioner Siviwe Dongwana also confirmed to the Standing Committee on Public Accounts (Scopa) on Thursday they will exit the business by the end of the month. […]<\/p>\n","protected":false},"author":84,"featured_media":7028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[274,315,275],"class_list":["post-7029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSAA business rescuers spent R7.8bn on voluntary severance packages - South Africa<\/title>\n<meta name=\"description\" content=\"Cape Town - SAA business rescue practitioners have used R7.8 billion of the R10.5bn given to the airline to get back on ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-business-rescuers-spent-r7-8bn-on-voluntary-severance-packages\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAA business rescuers spent R7.8bn on voluntary severance packages\" \/>\n<meta property=\"og:description\" content=\"Cape Town - 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