A "little-known" investment firm is suing the government and South African Airways over the sale of the majority stake in the embattled airline.RELATED: 'Taxpayer could still be paying for SAA going forward'
51% of SAA was acquired by the Takatso Consortium for the sum of R51, with the Department of Public Enterprises retaining a 49% share.RELATED: Takatso Consortium welcomes the finance minister's support for SAA transactionThey [Toto] currently own some investments... one of the bigger ones is a part of the stake in Rio Tinto's Richards Bay Minerals...
Loni Prinsloo, Journalist - Bloomberg News They were also an interested buyer in South African Airways... The biggest complaint was that the whole process was shrouded in secrecy... This was also brought up by National Treasury, opposition parties and some media houses... that the process wasn't very transparent.Toto now wants the whole deal to be set aside and started over with a new equity partner, says Prinsloo.
While the transaction officially went through in February, the court bid could potentially hold up some of its future workings she adds. It will definitely have an impact on trying to raise future capital... Other interested buyers... could also potentially be unhappy about the way the deal was handled.This article first appeared on CapeTalk :
jacquescupido12 Did you have to say Little Known Company. Must Corruption be challenged by known companies. The known and big like glencore are so corrupt they buy Presidents and Judges
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