BREAKING: In a document seen by #eNCA #SAA business rescue Practitioners table a proposal to terminate the employment of the entire #SAA work force by 30 April.
This is after government denied R10bn additional funding for the airline.
The propos shows how over 4700 workers will get serverancr packages.
One weeks remuneration per completed heat of service
Payment of one months remuneration in lieu of notice pay
Pro rated 13th cheque were applicable. #SAA will have to dispose of assets.
Part of the proposal shows the following assets will be sold and disposed:
Rotables (aircraft parts)
Economies in Sub-Saharan Africa could lose between $37 billion and $79 billion in output losses in 2020 due to #COVID19 according to a new World Bank regional economic analysis.
The region could face a severe food security crisis, with agricultural production expected to contract between 2.6% and 7% #COVID19
According to the latest Africa’s Pulse, the World Bank’s bi-annual analysis the #COVID19 outbreak has set off the first recession in the Sub-Saharan Africa region in 25 years, with growth forecast at -5.1% in 2020 from a modest 2.4% in 2019.
BREAKING: SAA will suspending ALL regional and international flights immediately.
The decision means #SAA will only render services domestically between Johannesburg and Cape Town.
The suspension of flights follows an official government notice prohibiting the embarkation and disembarkation of crew and passengers from SAA’s three international destinations. The regulation is effective from Friday March 21. #SAA
Nigerians have gathered outside the Nigerian consulate. They are getting into the busses so that they can be transported to the airport. First flight out of SA is at 9am. We understand over 600 Nigerians have opted to leave SA due to the recent #XenophobicAttacks
Many mothers with their children are queuing to get a seat on the bus as quick as possible. Over 600 Nigerians have taken up the option to leave the country due to the recent #XenophobicAttacks
One bus has already taken the first load. There are two more busses stationed outside. No one is allowed to speak to the media. A clear instruction from the consulate they say. #XenophobicAttacks
#PICInquiry resumes today at 9:30
Dan Matjila will be on the stand for the 3rd week. He was meant testify on #Ayo today. But assistant to Commissioner Gill Marcus is absent & the whole team needs to be present. Matjila will speak on Erin Energy, Daybreak Farm & EchoBank. #eNCA
#PICInquiry PIC got into a number of questionable companies, allegedly not following proper processes. Matjila will answer to these allegations and define his role in the investments. #eNCA
#PICInquiry Matjila starts off by speaking on the #DayBreak Farms deal whether the PIC invested into the company that was basically insolvent. Matjila says Roy Rajdhar explained in detail about the investment & it was made to drive transformation in agriculture sector. #eNCA
JUST IN: Newly appointment Deputy Finance Minister David Masondo dahs the #PIC will continue to fulfill its mandate. It will commit R9bn towards development property investments, including new developments, refurbishments and upgrades & rural development investments. #eNCA
Masondo also says the value of African & offshore investments by the #PIC is expected to increase to R15.6bn
While contributions to education, health, housing, infrastructure and environmental sustainability SMMEs & investments in priority seconded are expected to amount to R10bn
Masondo says the deadline for the final report of the #PICInquiru was April 2019 but it’s expected on the 31st July 2019. #eNCA
#PICInquiry Dan Matjila continues with his statement this morning. He starts off with speaking about anonymous emails by “James Nogu” #Matjila goes into how a business partner Lawerence Mulaudzi’s wife approached him to help with marital issues. #eNCA
#PICInquiry Matjila says that Mamodupi Mohlala-Mulaudzi said she has sensitive info concerning the PIC that she wants to share with Matjila. He says he told Mulaudzi about the call but was told that his wife is bitter and had people spying on him. #eNCA
#PICInquiry Matjila says he was told that Mulaudzi has an unhealthy relationship with Mr Paul Magula(heavily implicated in VBS) #eNCA
#PICInquiry will resume at 10AM today. Tshepo Mahloele will take the stand. He will continue with his testimony. He the chairman of Lebashe & CEO of Harith General Partners. These are the two companies UDM leader Holomisa implicated in his testimony weeks ago. #eNCA
Mahloele will continue with his testimony today. He will explain how he went about leaving he PIC.and how Harith was established. Yesterday’s tweets touches on the matter. #eNCA#PICInquiry
Harith Fund Managers was set up in 2007. This was to manage investments of Pan-African Infrastructure Development Fund (PAIDF) Harith General Partners was later set up to raise money for a second fund (PAIDF 2) #eNCA#PICInquiry
#PICInquiry continues today. It’s a full day of witnesses. First on the stand is Lawerence Mulaudzi. He is said to be a recent beneficiary of PIC funding. He wants to put his version to the Inquiry specially around assistance he gave Pretty Louw. #eNCA
In 2015 his company Kilimanjaro Capital wanted to make an offer to Total SA(TOSACO) because they wanted to dispose of their investment as it had reached maturity. This is when they made a request to meet with them PIC CEO Dan Matjila. #eNCA#PICInquiry
#PICInquiry After meeting with the PIC this is when KiliCap prepared an investment consideration pack and funding support request from the PIC. They also made funding requests to Nedbank & Standard Bank. #eNCA