Big payday for SAA business rescue practitioners

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Jamie McKane

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Big payday for SAA business rescue practitioners

The business rescue process for South African Airways (SAA) has cost South African taxpayers a total of R169 million, according to a report by the Sunday Times.

According to documents seen by the publication, R169 million was paid to six consulting firms as part of the failed state airline's business rescue process.
 
How does one "earn" that much money for doing some bookkeeping and using a calculator?
 
Swa said:
How does one "earn" that much money for doing some bookkeeping and using a calculator?
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Well that explains the R69 million. They likely also had a PC and excel which fully justifies the other R100 million. So itemised grand total R9 million allocated to heavily inflated fees plus R160 million for kickbacks?

Fortunately for the ANC-connected the financial opportunities in 'reversing' corruption are as satisfying as the original corruption itself. And the bailouts keep coming. nom nom. new dawn.
 
Outa CEO Wayne Duvenage noted that since 2007, SAA has cost the taxpayer more than R72 billion in bailouts – R54 billion in treasury grants and R19 million in government guarantees.
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Apart from eSkommel, has the SAA received more bailout money compared to other SOEs?

It would be interesting to see how much bailout money other SOEs received since 2007, in a table (descending amounts sort).

Swa said:
How does one "earn" that much money for doing some bookkeeping and using a calculator?
Click to expand...
Presumably one has to have a basic understanding of how to use Microsoft Excel which would also be used to calculate an inflated fee to charge.
 
j4ck455 said:
Apart from eSkommel, has the SAA received more bailout money compared to other SOEs?

It would be interesting to see how much bailout money other SOEs received since 2007, in a table (descending amounts sort).
Click to expand...
Supposedly R162 billion in bailouts for Eskom from 2008 up until Feb 2020 (according to treasury). Not much to show for it.
 
95 of income tax is generated by 3% of the SA public. I say the tax payers revolt and start our one demands.

1. SAA to shut
2. Ministers to be only allowed Toyota Corollas with 5 year warranty plans. Fortuners if stay in Rural Areas. All cars to be manufactured locally.
3. No more renovations on minister housing. The fact that you get a free house and car is enough. You can supply your own furniture.
4. No more free flights for your families unless have to move between cities locally. Also cut down on aides flying abroad.
5. Pipe levy to be added to all rates in SA. Water to be discounted.
6. The whole of SA to be moved to prepaid electricity. Free units to be added at start of each month automatically. Any more you need to pay for.
7. Road accident fund to be scrapped. You are to have own insurance and if you transport people you will have to provide insurance for your passengers.

That will be a good start.
 
Corelli said:
2. Ministers to be only allowed Toyota Corollas with 5 year warranty plans. Fortuners if stay in Rural Areas. All cars to be manufactured locally.
3. No more renovations on minister housing. The fact that you get a free house and car is enough. You can supply your own furniture.
4. No more free flights for your families unless have to move between cities locally. Also cut down on aides flying abroad.
Click to expand...
You are too generous. Ministers should supply their own needs like the rest of us, then they'd have a semblance of what's going on in the country. Only work related travel should be sponsored. Move parliament to one location. That would make most air travel unnecessary and secondary homes would be unjustified.
 
That's all business rescue proceedings are good for.
 
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