South African Airways' US$50 Million Stuck In Zimbabwe
South African Airways (SAA) reported that it is still facing challenges in repatriating over US$50 million from Zimbabwe. This amount is approximately R1 billion.
As reported by Eyewitness News, during a session with Parliament’s Standing Committee on Public Accounts (SCOPA), it was revealed that the ongoing struggle to retrieve these funds, primarily from ticket sales, continues.
SCOPA chairperson Songezo Zibi raised concerns about whether it might be time to seize assets in South Africa to recover the stranded money.
Zimbabwe has been experiencing a foreign exchange crisis since 2016, affecting several airlines in a similar situation.
SAA Chief Financial Officer Lindsay Olitzski said that an agreement had been reached for US$9 million to remain in Zimbabwe for SAA’s local use. Said Olitzski:
The remaining $50 million is to be paid in installments of $1 million per quarter. This is a very long payment plan, and to date, we have not yet received any funds.
Transport Minister Barbara Creecy said she would consider addressing the issue diplomatically once she received a full report from the airline.
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