The Minister of Finance, Nhlanhla Nene, has slammed as “premature” recent media reports on National Treasury and the Ministry of Finance’s position on South African Airways’ (SAA) planned Airbus swap transaction.
The ministry noted in a statement that the national carrier had renegotiated an order for 10 A320 aircraft earlier this year in favour of leasing five A330 models. This would reportedly result in long-term savings
It was however reported by the media that SAA has proposed a plan which included which would see Airbus selling the planes to a third party (such as South African leasing company).
“SAA last week submitted a section 54 application to the Minister to restructure the Airbus deal. The National Treasury's Fiscal Liabilities Committee is currently studying the application and will make recommendations to the minister in due course. A decision is yet to be made on the application,” the ministry clarified in a statement.
Nene said he would will reportedly be looking for a deal “that benefits the airline financially or one that does not leave SAA in a worse position”.
SAA said in a statement yesterday (Tuesday) that its corporate and/or financial status as presented to the Parliament’s Standing Committee on Finance and Public Enterprises on 18 November 2015 has not changed.
