• Contact Us
  • About Us
  • Advertisement
  • Privacy & Policy
Friday, July 11, 2025
SUBSCRIBE
The Brief | Namibia's Leading Business & Financial News
26 °c
Windhoek
22 ° Wed
25 ° Thu
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
Subscribe
No Result
View All Result
TB image banner 750x140
Home Latest

SAA has about R1 billion stuck in Zimbabwe

by editor
April 12, 2022
in Latest
47
A A
57
SHARES
957
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

You might also like

India-Namibia trade tops N$14.2 billion as Modi calls for deeper ties

NIPAM launches the Public Sector Awards

Fitch sees stable future for NamWater despite weak operating conditions

South African Airways (SAA) still has about R1 billion in revenue from ticket sales stuck in Zimbabwe which it can’t get as the southern African country continues to battle a liquidity crisis.

This is according to a report by the Auditor-General, which forms part of the state-owned airline’s 2017/18 financial statements, tabled in Parliament in March. The financial statements weren’t released before because the auditors withheld their audit opinion, as SAA’s status as going concern was at significant risk. SAA went into business rescue in December 2019.

SAA earned the money from tickets it sold in Zimbabwe, but has been unable to recover it.

“SAA was unable to repatriate monies owing for ticket sales amounting to approximately US$87.9 million (about R1.285 billion) due to the liquidity crisis in Zimbabwe. This amount was impaired in full in the 2019 financial year as it was doubtful that the funds would be collectable,” states the AG’s report.

“SAA has managed to access some funds and utilised them within Zimbabwe and repatriated small amounts to South Africa over time. The current balance in Zimbabwe stands at US$70 million (about R1.023 billion).”

SAA’s interim chief financial officer Fikile Mhlontlo confirmed on Monday that SAA still has about a billion rand stuck in Zimbabwe and, despite “various engagements”, the airline has only been able to recover “modest amounts”.

Fin24 reported in July 2019 that SAA was struggling to get monies stuck in Zimbabwean banks out of that country. A forex shortage saw the Reserve Bank of Zimbabwe (RBZ) issue an exchange control directive to banks at the time to move funds to its coffers.

The RBZ guaranteed that the funds would be paid to the beneficiaries in US dollars, a move that was meant to preserve value after the country introduced a local currency as the sole legal tender, abandoning its former multi-currency system. SAA had to comply with the directive to move the funds to the central bank.

According to the International Air Transport Association (IATA), by the end of March this year, various airlines had a cumulative total of US$128 million (about R1.87 billion) in revenue trapped in Zimbabwe.-fin24

 

 

 

author avatar
editor
See Full Bio
Tags: africa news
Share23Tweet14Share4
Previous Post

Telecom plans N$2.3bn network upgrade

Next Post

Angola raised US$1.75 billion in overseas debt

Recommended For You

India-Namibia trade tops N$14.2 billion as Modi calls for deeper ties

by reporter
July 10, 2025
0
India-Namibia trade tops N$14.2 billion as Modi calls for deeper ties

India-Namibia bilateral trade has exceeded N$14.2 billion (US$ 800 million), Indian Prime Minister Narendra Modi announced during an address to the Namibian Parliament, reaffirming his country’s commitment to...

Read moreDetails

NIPAM launches the Public Sector Awards

by reporter
July 9, 2025
0
NIPAM launches the Public Sector Awards

The Namibia Institute of Public Administration and Management (NIPAM) will host its first-ever Public Sector Awards on 11 July 2025 at the NIPAM Campus in Windhoek. This groundbreaking...

Read moreDetails

Fitch sees stable future for NamWater despite weak operating conditions

by reporter
July 7, 2025
0
Fitch sees stable future for NamWater despite weak operating conditions

Fitch Ratings has affirmed Namibia Water Corporation (NamWater) Limited’s long‑term foreign‑ and local‑currency issuer default ratings at BB‑ with a stable outlook. According to the report, despite operating...

Read moreDetails

NAMCOR posts N$1.26 billion loss, debt stands at N$1.6 billion

by reporter
July 6, 2025
0
NAMCOR posts N$1.26 billion loss, debt stands at N$1.6 billion

The National Petroleum Corporation of Namibia (NAMCOR) has posted a net loss of N$1.26 billion for the 2022/23 financial year, largely due to the underperformance of its trading...

Read moreDetails

NamRA rules out extension to individual tax return deadline

by reporter
June 30, 2025
0
NamRA rules out extension to individual tax return deadline

The Namibia Revenue Agency (NamRA) maintains that 30 June remains the official deadline for submitting individual income tax returns, urging taxpayers to file without delay. Speaking on the...

Read moreDetails
Next Post
Angola raised US$1.75 billion in overseas debt

Angola raised US$1.75 billion in overseas debt

Related News

Namibia exports 151,000 cattle in 2023

Namibia exports 151,000 cattle in 2023

January 17, 2024
Old Mutual appoints Natasha Winkler as Managing Director of Old Mutual Namibia Finance

Old Mutual appoints Natasha Winkler as Managing Director of Old Mutual Namibia Finance

August 1, 2024
Green Industrialization: Remembering President Geingob’s Leadership

Green Industrialization: Remembering President Geingob’s Leadership

February 29, 2024

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • Namibia
  • namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade
The Brief | Namibia's Leading Business & Financial News

The Brief is Namibia's leading daily business, finance and economic news publication.

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • namibia
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Companies
  • Mining & Energy
  • Business & Economy
  • Opinions
    • Analysis
    • Columnists
  • Africa

© 2025 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.