‘Little-known’ firm sues govt over R51 sale of SAA majority stake

The Cash Present interviews Bloomberg Information journalist Loni Prinsloo about Toto Funding Holdings’ courtroom problem.

SAA airplane at O.R. Tambo Worldwide Airport. Picture: 123rf

A “little-known” funding agency is suing the federal government and South African Airways (SAA) over the sale of the bulk stake within the embattled airline.

Toto Funding Holdings desires the sale scrapped and re-run stories Bloomberg Information.

RELATED: ‘Taxpayer may nonetheless be paying for SAA going ahead’

51% of SAA was acquired by the Takatso Consortium for the sum of R51, with the Division of Public Enterprises retaining a 49% share.

Takatso will make investments R3 billion within the nationwide service over the subsequent two years.

RELATED: Takatso Consortium welcomes the finance minister’s help for SAA transaction

Motheo Khoaripe (in for Bruce Whitfield) interviews Bloomberg journalist Loni Prinsloo.

They [Toto] at the moment personal some investments… one of many greater ones is part of the stake in Rio Tinto’s Richards Bay Minerals…

Loni Prinsloo, Journalist – Bloomberg Information

They have been additionally an purchaser in South African Airways… The most important grievance was that the entire course of was shrouded in secrecy… This was additionally introduced up by Nationwide Treasury, opposition events and a few media homes… that the method wasn’t very clear.

Loni Prinsloo, Journalist – Bloomberg Information

Toto now desires the entire deal to be put aside and began over with a brand new fairness companion, says Prinsloo.

Whereas the transaction formally went by way of in February, the courtroom bid may probably maintain up a few of its future workings she provides.

It should positively have an effect on attempting to lift future capital… Different consumers… may additionally probably be sad about the best way the deal was dealt with.

Loni Prinsloo, Journalist – Bloomberg Information

For extra element on the courtroom case take a hear:

This text first appeared on CapeTalk : ‘Little-known’ firm sues govt over R51 sale of SAA majority stake

Source

Leave A Reply

Your email address will not be published.