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Minister Pravin Gordhan said changes to the Business Law could help hold professionals accountable for business rescue.
FILE: Minister of Public Enterprises Pravin Gordhan. Image: Eyewitness News.
CAPE TOWN – Public Business Minister Pravin Gordhan said Wednesday that South African Airways (SAA) Business Rescue Professionals (BRP) could not be a law unto themselves.
He said changes to the Business Law could help make business rescue professionals more accountable.
On Wednesday, members of Parliament asked the amount of money paid to SAA’s business rescue professionals, who are still in the process of completing their work.
In June, business rescue practitioners Siviwe Dongwana and Les Matuson had already received R36 million since their appointment in December 2019.
This has been revealed by Gordhan in a written parliamentary response.
On Wednesday, Gordhan told the public companies committee that business rescue professionals cannot be free agents while calling for a change in policy.
“We certainly agree with the Honorable Shabalala and we are having this discussion with DTI – and the Companies Act was amended in regards to state-owned companies and perhaps commercial companies as well – to ensure that the BRPs have some responsibility for the money they take, by how they spend that money and how they count that money as well. ”
The general director of public companies, Kgathatso Tlhakudi, said that the cost of the rescue process remains a concern.
“Of course, the cost of the BRP process and the fees that are being paid also concern us.”
He said SAA could exit the business bailout by the end of the month.
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