By Daniel Itai.
Johannesburg, South Africa. (News of The South) – South African Airways (SAA) Director Martin Kingston, rendered in his resignation letter today due to SAA’s financial woes.
The state owned airline has been under voluntary business rescue since December 2019. Finance minister Tito Mboweni, said on Thursday that the National Treasury and the department of public enterprises were trying to find additional funding for the airline.
“There is no need for me to be on the board given the appointment of the business rescue practioners,” said Kingston.
Earlier this week, SAA put out nine of its planes for sale which are expected to generate over US$700 million.
However, South Africa’s main opposition party, the Democratic Alliance (DA) said the sale won’t generate enough cash for the struggling airline.
“They have got to pay the creditors, even though that existed before the business rescue, otherwise its liquidation,” said Alf Lees DA MP and member of the Standing Committee on Public Accounts.
The national airline could be forced to suspend flights by Sunday if it fails to acquire the necessary funding.
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