The funds gazetted for SAA subsidiaries totaling R2.7 billion is yet to be received by SAA to recapitalise the subsidiaries.
According to court documents filed by three unions at low-cost airline Mango, they grew tired of no outcome from promises made about business rescue.
The unions felt they had no other option left but to take matters into their own hands by filing for business rescue themselves.
They want to avoid Mango being liquidated in August.
Continued promises by its shareholder South African Airways (SAA), government and the board of Mango (which currently consists of only one director) that the low-cost airline would be placed in business rescue, led to three unions taking the matter into their own hands by filing an urgent application in the High Court in Johannesburg on Monday.
Mango Airlines temporarily suspends flights enca.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from enca.com Daily Mail and Mail on Sunday newspapers.
Flight Following Services reliefweb.int - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reliefweb.int Daily Mail and Mail on Sunday newspapers.
Former Comair chief takes the reins at Airlines Association of Southern Africa news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
SAA appoints a new interim CEO - report
By Dieketseng Maleke
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The embattled South African Airways (SAA) is said to have appointed a new interim CEO. This is according to Fin24.
According to the publication, Thomas Kgokolo was appointed by the interim board and took up his position on April 13.
The publication reported that his mandate was to oversee the airline’s smooth transition from the business rescue process to its re-entry to the market and bring fresh leadership to the airline.
According to his profile on professional networking site, LinkedIn, Kgokolo is a Chartered Accountant (CA) and holds a Master of Business Administration (MBA) qualification from the Gordon Institute of Business Science (GIBS).