State Capture report: SAA promises to recover looted funds

South African Airways’ (SAA) interim board says it will implement all the recommendations in the State Capture report in its efforts to recover monies from those that embezzled funds from the national carrier.

The long-awaited State Capture report was delivered to President Cyril Ramaphosa last week. The first tranche of the report deals with the alleged corruption, fraud, and looting at the state-owned airline and its subsidiaries, SAA Technical (SAAT) and SA Express.

DOING THINGS BETTER

The board at SAA says it is intent on turning the ailing airline around. SAA’s interim board and its executive management are made up of professionals who have no prior links to the former airline, but who strive for the national carrier to rise to great heights once again.

“This Board and its Executive Management is constituted by professionals who were specifically selected on the basis of their non-association with the past of SAA. The principle focus of the board of SAA is to guide, advise and oversee the strategic management of the carrier as it emerges out of business rescue towards a sustainable and profitable future,” SAA said in a statement.

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USING ALL MEANS TO RECOVER FUNDS

The relaunched South African Airways has committed to implementing the recommended measures outlined in the State Capture report, in its attempt to recover looted funds. The interim board said it will take whatever actions are needed to recover the assets and money lost as a result of the alleged corruption and fraud laid out in the report.

“Guided by appropriate legal counsel, the Board will cooperate with, and support law enforcement agencies in their pursuit of prosecutions, and where necessary, will institute internal investigations and disciplinary processes with the aim of cleaning the company of all vestiges of its shameful past as exposed in the Commission Report”, SAA said.

REBUILDING SAA’S REPUTATION

The newly launched version of the national carrier is trying hard to repair its reputation by rebuilding trust with customers and passengers. The national carrier aims to act in accountable and ethical ways. The airline’s board has committed to pulling out all the stops in its quest to regain trust in from South Africans and passengers.

“[The] Board commits that the findings and recommendations of the Commission will be immediately implemented throughout all levels of the company. This, it is believed, will foster a culture of transparency, accountability and ethical conduct within the SAA group,” the board said in a statement, per BusinessTech.

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