CAPE TOWN - Finance Minister Tito Mboweni has said in court papers that he has taken no decision to use emergency powers to avail money from the National Reserves Fund to South African Airways to bankroll its business rescue plan.
"The wording of the letter is significant. Government has not committed to funding the requirements of the business rescue plan but has instead committed to mobilising funding for the short-, medium- and long-term requirements to create a viable and sustainable new South African national airline," he said.
Mboweni said they were acting on mistaken assumptions. Therefore, he added, their court application also lacked the requirements for urgency.He added that the government had not yet decided how to source the funding but was considering several options. DA finance spokesperson Geordin Hill-Lewis said the party had decided to withdraw its court application from the urgent court roll, given the commitment that the use of section 16 was not on the cards.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
'DA's move to stop SAA funding a waste of the court's time': MboweniA Twitter spat between finance minister Tito Mboweni and the DA shadow minister of finance, Geordin Hill-Lewis, has escalated after the opposition party's urgent application to stop Mboweni from bailing out SAA was made at the High Court in Pretoria.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
'DA's move to stop SAA funding a waste of the court's time': MboweniA Twitter spat between finance minister Tito Mboweni and the DA shadow minister of finance, Geordin Hill-Lewis, has escalated after the opposition party's urgent application to stop Mboweni from bailing out SAA was made at the High Court in Pretoria.
Source: TimesLIVE - 🏆 28. / 59 Read more »
DA may be too late as it backtracks on SAA caseThe DA has made an about-turn on its application to stop finance minister Tito Mboweni from appropriating funding for SAA
Source: BDliveSA - 🏆 12. / 63 Read more »
Government working on how to source funds for SAA business rescue: GordhanPublic enterprises minister Pravin Gordhan said on Sunday the funding government had committed for the business rescue plan for SAA was something that was still being worked on.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Source: City_Press - 🏆 7. / 72 Read more »