Name of ‘commercially sensitive’ SAA equity partner to be known soon, says Gordhan

Gordhan appeared before the public enterprises committee on Wednesday to answer questions on SAA.

"Clearly this is a commercially sensitive issue and I know transparency is important, but in a commercial arrangement which involves people from the private sector it is important to execute this process as quickly as possible but also as carefully as possible. 

“So that the final arrangements are made are consistent with the law but also financially viable at the end of the day."

READ: Wage talks between Eskom, unions deadlock

The process is expected to be finalised within the next four to six weeks.

Gordhan told MPs that the process will be concluded once a sale and purchase agreement have been entered into. 

 "The SEP (strategic equity partner) process is now in its last leg and the way in which the last leg operates is that there's an agreement in principle that there is a possibility of a partnership then there is a process in which due diligence takes place both by government and by those interested."

SAA was placed under business rescue in December 2019 and exited in April 2021. 

 Since then the total business rescue process has cost the taxpayer at least R200 million with the bulk of the money going to consultants and lawyers.