Despite ‘engagements’, SAA has about R1 billion stuck in Zimbabwe

Major lessons have been learnt from the SAA business rescue

The original article can be found here.

Article Highlights:

  • South African Airways (SAA) still has about R1 billion in revenue from ticket sales stuck in Zimbabwe.
  • This is according to a report by the Auditor-General, which forms part of the state-owned airline’s 2017/18 financial statements.
  • SAA has managed to access some funds and utilised them within Zimbabwe and repatriated small amounts to South Africa over time. The current balance in Zimbabwe stands at US$70 million (about R1.023 billion).