The City of Cape Town is currently rated Baa3 – the lowest level of investment grade, and is on review for a downgrade.
The airline says SAA was involved in a scheme designed to keep travel agents loyal to the national carrier, to the detriment of its competitors.
The state-owned airline needs to ‘hire a competent, experienced CEO’ as one of the conditions for getting a R5-billion bailout, says Gordhan.
Failure to submit regulatory documents to authorities by September 30 will, however, see the airline’s flights to the Chinese territory halted.
The weakening rand and the increased operating costs of South Africa’s businesses mean that many do not have the budget to hire new talent.
The finance minister has informed the Hawks that he needs more time and certain clarifications before he can respond to their questions.
Freshly appointed Musa Zwane has told Parliament the airline needs to engage with all disgruntled employees, as it freezes non-critical positions.
Unemployment levels fell in the second quarter, largely on informal sector job creation, but the number of discouraged job seekers rose.