SAA seeks Zuma intervention to release blocked African funds



A South African parliamentary committee will consider asking President Jacob Zuma to engage with his counterparts in Angola, Nigeria, Senegal and Zimbabwe concerning South African Airways (SA, Johannesburg O.R. Tambo) cash which is trapped in those countries, reports Jacaranda FM.

The airline reportedly has about ZAR1 billion (USD77 million) worth of unrepatriated ticket remittances stuck in bank accounts across Africa. It is, however, unable to access the funds given the chronic foreign currency shortages currently affecting multiple African states.

"We would like to use diplomacy. If somebody is not paying your money, he is making you his bank," said Deputy Finance Minister Sifiso Buthelezi, addressing the Standing Finance Committee.

Approximately USD30 million worth of remittances are stuck in Zimbabwe to airlines serving the country, including Ethiopian Airlines, South African Airways, Kenya Airways, Comair (South Africa) (operating as British Airways), Emirates, TAAG Angola Airlines, Air Namibia, and Malawian Airlines. As of June 2016, IATA reported that Nigeria owed USD591 million to foreign airlines, while Angola owed about USD237 million.

A corporate plan filed by South Africa Airways shows that the airline is on track for a net loss of ZAR853 million (USD65.7 million) this financial year, having failed to meet its revenue targets for three years running, reports Business Day. The South African Treasury is expected to provide a capital injection in the coming months.

Source:https://www.ch-aviation.com/portal/news/56242-saa-seeks-zuma-intervention-to-release-blocked-african-funds

Comments

Post a Comment

Popular posts from this blog

Sudan's Badr Airlines and Aloor Airlines partner for Juba ops

Image
Badr Airlines B737-300 Badr Airlines (J4, Khartoum) has resumed flights to South Sudan following the signing of a partnership agreement with South Sudanese operator Aloor Airlines (Juba). The Sudan Tribune reports Badr Airlines is slated to operate flights between the South Sudanese towns of Wau and Juba with an onward sector to the North Sudanese capital Khartoum. The first such service took place early last week using B737 equipment. Badr Airlines last served Juba between 2004 and 2011 when the city was still a part of the Republic of Sudan (today North Sudan). The flights ended in 2011 following South Sudan's independence and the subsequent escalation in tensions between the states over the oil-rich Kordofan border region. Badr Airlines also serves Cairo Int'l and Jeddah internationally with domestic destinations listed as Port Sudan, El Obeid, Damazin, El Fasher, Geneina, and Nyala. It currently operates one B737-300 and four B737-500s. Source:https://www.ch-
muxajax@blogger.com

Ethiopia launches online Entry Visa Application and Issuance

Image
Ethiopian Airlines Logo The e-visa is processed and issued online on a single web page where applicants apply, pay and secure their entry visa online.Once the online application is approved, applicants will receive an email authorising them to travel to Ethiopia and they will get their passport stamped with the visa upon arrival in Addis Ababa. Group CEO Ethiopian Airlines, Tewolde GebreMariam said: "Ethiopia, the oldest independent civilization in Africa and one of the oldest in the world, is endowed with historical places, natural beauty, colourful and diverse cultural activities and various endemic wild animals which are of great interest to international tourists. However; we have not made best use of these natural resources to attract large number of tourists. To this effect, this project is part of a new national initiative to transform the tourism sector in the country. The full commencement of the Online Visa application and issuance system will promote tourism, tr
muxajax@blogger.com

Air Zimbabwe slashes workforce by half

Image
Air Zimbabwe B767-200 Air Zimbabwe (UM, Harare Int'l) has announced that it has retrenched 200 of its 424 staff as it struggles to keep the airline in business. This is the fourth round of retrenchments in eight years, reports Reuters. "We were overstaffed by a lot and we are also trying to weed out people without the right qualifications," said the carrier's Chairwoman, Chipo Dyanda. "The retrenchment is meant to give space to the airline so that we can redeploy the money saved back into the company." According to Nehanda Radio, most of the employees affected were in administrative positions, and all employees have been placed on performance-based contracts. Staff will also be re-trained, "starting with the chief executive officer". No pilots were retrenched in the round. The restructuring program is also aiming to build Harare Int'l as a travel gateway."This restructuring exercise is coming on the backdrop of a strategic plan
muxajax@blogger.com