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South African Airways discusses with Banks, National Treasury for an open credit line

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South African Airways (SAA) urgently needs a new capital injection to stay afloat and is in discussions with banks and the National Treasury for “an open credit line”, its chief executive said on Tuesday.

State-owned SAA, which has not generated a profit since 2011, is regularly cited by ratings agencies as a drain on the government purse and has already received state guarantees totaling nearly 20 billion rand ($1.6 billion).

“We do need access to capital to sustain the operations and we are having discussions with Treasury, as well as the banks around how we can have an open credit line,” Chief Executive Vuyani Jarana told parliament.

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Asked by an opposition lawmaker when the airline would need to access billions of rands of extra state support, Jarana responded “Now”.

He later told reporters that SAA would need around 5 billion rand this year to pay down debts and for operational costs. The struggling airline has not had credit facilities since August when bank lenders pulled the plug after a debt repayment scare.

“Over the next six months we will need… in the range of 5 billion rand to make sure we can support the working capital,” Jarana said, adding that amount included arrear payments.

The National Treasury said that SAA needs an equity partner to pump money into the company to address a liquidity crisis and to help with the implementation of a turnaround plan.

The company’s results for the year to March 31, 2017, which had been delayed after the company received a 10 billion rand government bailout last year, showed a deepening loss of 5.6 billion rand, a more than threefold increase from the previous year’s 1.5 billion rand loss.

SAA will need to repay bank debts of 9.2 billion rand by March 2019, Jarana said, adding that this figure could increase.

“SAA has not been able to pay the principal amount, we’ve always been able to service the interest payments on this, so part of the strategic options we are looking at… is an optimal capital structure,” he told reporters.

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LOL Africa

Again, Gorilla Swallows N6.8m in Kano Zoo.

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Another trending but shocking story is the claim that a big Gorilla swallowed N6.8 million in the Kano Zoological Gardens during Sallah celebration. 

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According to reports in the media, the Chief Revenue Officer for the zoo, when approached, said on Wednesday, that the said money, approximately six million, eight hundred and twenty thousand naira, was money realised as gate fee from fun-seekers who had visited the zoo during Sallah celebration  to watch the animals.

A local radio station in the state, Freedom Radio had reported on Thursday that one of the finance officers it spoke with had said that one huge Gorilla sneaked into their office and carried the money and ran away, where it went and allegedly swallowed the close to seven million naira.

Also, when asked, the Managing Director of the zoo, Kashekobo, confirmed the development to newsmen but, however, said that he had nothing more to say about it other than that the matter was under investigation.

 ” the issue is under investigations for now and I don’t want to say anything concerning the matter. Many journalists have met me on the issue but I don’t want to say anything. All I can say is that the money got missing.” 

Also, confirming the report, the Police spokesperson in the state, DSP Abdullahi Haruna, said the matter was under investigation.

It would be recalled that in February 2018, one Philomina Chieshe, a sales clerk with the Joint Admissions and Matriculation Board (JAMB) in Benue state, had claimed that a huge snake swallowed N36m, which the board made from sale of scratch card.


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Crime

Uganda: 80-year-old Man Mobbed Over Rape.

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80-year-old David Aporu from Kotoluk village in Kidongole Sub County in the eastern district of Bukedea was reportedly stoned to death for defiling a two-year-old girl. 

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Aporu was killed on Thursday morning by a mob after accusing him of being a serial defile, and the latest was done while her parents were in the farm.

In an interview with newsmen, the area LCIII chairperson, Mr Samuel Okurut said though Aporu had become a problem to locals for his continuous offences (defilement), but condemned the Mob’s act.

“I don’t support defilement but what happened is bad. They (mob) should have left justice to take its course by taking him to police. What the mob did was bad.” 

Mr Okurut said upon return from the fields, the girl’s parents found her crying and bleeding profusely from her private parts.

“When her mother tried to ask what had happened, the girl just pointed at Aporu before she made an alarm that attracted other people. In the past, police arrested Aporu more than thrice on defilement charges but would release him under unclear circumstances,” he added.

His body was taken to Bukedea Health Centre IV mortuary for postmortem before it’s given to relatives for burial.
Mr Ezra Tugume, DPC Bukedea condemned the act, accusing the community of taking the law into their hands.

“We have launched a manhunt of all those who participated in the mob justice. They will be taken to court to answer murder charges,” he added.


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

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