Acting CEO Matshela Seshibe says South African Airways can recover through better governance and operations, without a government bailout. He spoke about the challenges facing the airline and his priorities for the future.
Matshela Seshibe, who previously led the airline’s catering subsidiary Air Chefs while also serving on SAA’s executive committee, took over as acting group CEO recently. He stressed that governance is a non-negotiable priority to rebuild credibility with stakeholders, lenders and suppliers.
The Auditor-General issued a disclaimer of opinion on SAA’s latest financial statements. Issues included poor record keeping, R504.4 million in irregular expenditure and an inability to verify R896 million in maintenance costs. Seshibe noted that multiple audits in a short period left little room for immediate fixes.
Despite these problems, SAA reported strong operational results. It completed 99.6 percent of its 18,282 scheduled flights in the 2024/25 financial year. Air Chefs, under Seshibe’s earlier leadership, posted revenue of R372 million and a net profit of R111 million.
SAA is seeking a R300 million working capital facility but insists this is not a bailout. The Department of Transport, under Minister Barbara Creecy, has directed the airline to revise its corporate plan to handle rising fuel costs and maintain its status as a going concern.