Johannesburg - Opposition parties have been left shocked in Parliament after SAA told MPs the losses it suffered had increased by almost a billion rand.
Senior officials at the national carrier yesterday told MPs that after a board meeting on Sunday, the final financial statements had painted a different picture.
In an interim report tabled in Parliament last week, SAA said it posted a loss of R4.67 billion during the 2014/15 financial year.
However, when they came to present the final report in the national legislature yesterday, the airline said it had in fact suffered a loss of R5.6bn in the year under review.
This left some MPs questioning SAA's financial prudence.
Alf Lees of the DA said it would not be difficult to accept earlier suggestions that SAA was technically bankrupt.
He said that from the interim results received on Thursday of a R4.67bn loss, it was a huge jump to R5.6bn.
EFF deputy leader Floyd Shivambu said the reason they placed the debate on SAA on the agenda of Parliament last Tuesday was because they were concerned the airline could be liquidated.
He said they wanted urgent intervention by the government before the company faced liquidation.
Natasha Mazzone of the DA said it was clear that SAA needed an equity partner.
“Where do we stand at the moment with an equity partner? There are many companies in the world who have been turned around because of equity partners,” she said.
Mazzone said the bungling of the Emirates deal had cost the national carrier R2bn.
“SAA reads like a soap opera. It’s not a good soap opera, it’s a scary soap opera,” she said.
ACDP MP Steve Swart said the party had been shocked at the extent of the losses at SAA.
He said these were huge losses in addition to the billions poured into the airline by the government in loan guarantees.
Deputy Finance Minister Mcebisi Jonas told Parliament that SAA was getting back on its feet.
He said the new board that had been put in place would turn things around.
Shivambu said this was the indication given by Finance Minister Pravin Gordhan last week, and they hoped the board would fulfil its fiduciary duties.
SAA's acting chief executive, Musa Zwane, said they continued to make strides.
He said the board had met on Sunday and approved the results.
“We are comfortable, as the executives, that we’ll get the direction we require,” he said.
MPs also insisted to SAA officials and the board that it must try to get someone with aviation experience on the board.
They said that despite the impressive list of members of the new board, they did not have someone with experience in the aviation industry.
It was this requirement that could give the board much- needed strength to improve its performance, they added.
THE STAR