Podcasts about takatso consortium

Parliament's Public Enterprises Portfolio Committee has recommended that the transaction that saw Takatso Consortium appointed as the preferred bidder to acquire 51 percent of South African Airways be referred to the Special Investigating Unit. The committee says the department has not been able to successfully dispute the former Director-General KgathatsoTlhakudiallegation that Takatso was not part of the initial list of companies that submitted bids. The committee also feels that Tlhakudi's submission that SAA assets were undervalued was not disproved in light of the cancellation of the transaction that the Public Enterprises Minister PravinGordhan announced last week. Here is what Public Enterprises Committee Chairperson, Khaya Magaxa told the committee today....

Public Enterprises Minister Pravin Gordhan , this week , announced that the sale of a 51% stake in South African Airways to the Takatso Consortium has been cancelled. Addressing the media after the Parliament's Public Enterprises Portfolio Committee meeting, Gordhan said there was agreement that by mutual consent that the transaction should be terminated as there is no clear path forward.  This comes almost three years after the consortium was announced as the preferred bidder to acquire the airline. Meanwhile , Cabinet says it supports the termination of SAA's partnership with the Takatso Consortium saying it had to prioritise the fair value, and ensure that the public interest is served. To look at why and how the SAA-Takatso deal fell apart Bongiwe Zwane spoke to Independent Analyst, Khaya Sithole  and Chris Hattingh, Executive Director at the Centre For Risk Analysis (CRA).

Former Department of Public Enterprises director-general Kgathatso Tlhakudi says Public Enterprises Minister Pravin should be held accountable for the failed SAA - takatso deal. Pravin Gordhan announced the termination of the Takatso Consortium's 51% takeover of South African Airways (SAA). Takatso said in its response to the announcement, that the magnitude and materiality of the proposed changes had made it clear that the transaction would possibly need to be re-submitted to the Competition Tribunal. Sakina Kamwendo spoke to former Department of Public Enterprises director-general Kgathatso Tlhakudi, who was opposed to the deal during his time at the department... 

Minister in the Presidency, Khumbudzo Ntshavheni says Cabinet supports the termination of the Takatso Consortium's 51% takeover of the South African Airways (SAA).  Public Enterprises Minister Pravin Gordhan announced that the deal between SAA and Takatso Consortium was off. Takatso says it experienced immense political pressure in its attempt to acquire 51 percent in state owned airline SAA. Ntshavheni briefed the media on Thursday. Sakina Kamwendo spoke to Chairperson of Parliament's Portfolio Committee on Public Enterprises, Khaya Magaxa.

The sale of 51% shares in South African Airways, SAA to the Takatso Consortium has been grounded. Public Enterprises Minister Pravin Gordhan announced the cancellation of the controversial deal which has been marred in secrecy. In 2021 the Consortium was announced as the preferred bidder to acquire the embattled state-owned airline. For more on this, Elvis Presslin spoke to DA Shadow Minister of Public Enterprise, Dr. Mimmy Gondwe

After almost three years of negotiations, government's talks with the Takatso Consortium as a private equity partner for South African Airways (SAA) are off. Public Enterprises Minister Pravin Gordhan made the announcement yesterday. Lester Kiewit speaks to aviation analyst, Phutego Mojapele.See omnystudio.com/listener for privacy information.

GUEST: Gidon Novick | Former Director of Takatso consortium, CEO of Comair andco-founder of LiftSee omnystudio.com/listener for privacy information.

    Clement Manyathela speaks to a panel of guests about the scrapping of the deal between SAA and the Takatso Consortium in which the Consortium was to purchase a 51% stake in South African Airways. They discuss what this means for SAA going forward. See omnystudio.com/listener for privacy information.

Aviation expert Guy Leitch joins John to break down the brief given to the media about the prolonged private equity majority sale of SAA to the Takatso Consortium. See omnystudio.com/listener for privacy information.

The details about the sale of South African Airways (SAA) for R51 to the Takatso Consortium are on the spotlight again in Parliament. This as the portfolio committee on Public Enterprises is expected to decide whether the documents on the SAA-Takatso deal can be made available to the public. There have been reports of tensions between Public Enterprises Minister Pravin Gordhan and Parliament's Public Enterprises Portfolio Committee  over the SAA - Takatso deal. Committee members are investigating Takatso's selection as the preferred equity partner to own a majority stake in the airline. The demand follows allegations of corruption and mismanagement surrounding SAA's sale. Takatso won the 51% stake in SAA just six weeks after the airline emerged from its business rescue. Sakina Kamwendo spoke to SABC parliamentary reporter, Abongwe Kobokana.

The National Union of Metalworkers of South Africa has condemned Public Enterprises Minister, Pravin Gordhan's refusal to hand over documents relating to the sale of South African Airways to Parliament. Numsa notes that the Portfolio Committee on Public Enterprises has unanimously agreed that it cannot provide unqualified support for the transaction for SAA to be sold to the Takatso Consortium.  Last week, SAA tabled four years of annual financial statements in Parliament, which showed four years of financial losses and four disclaimed audit opinions.  SABC reporter, Naledi Ngcobo has more.

Public Enterprises Minister Pravin Gordhan has faced criticism from members of parliament's public enterprises committee who have accused him of not fully co-operating with the committee's investigation into the allegations of irregularities in the SAA deal with Takatso Consortium. The committee is probing accusations made by former public enterprises director-general Kgathatso Tlhakudi, which cast a shadow on the the integrity of the sale of national carrier to the consortium. The committee questioned Gordhan's failure to provide the share sale and purchase agreement used in the deal, as well as the shortlist of companies considered as potential strategic equity partners with the government in SAA. Bongiwe Zwane spoke to Independent Analyst, Khaya Sithole.

Elvis Presslin spoke to Takatso Consortium Spokesperson, Thulasizwe Simelane on the approval of Takatso Consortium's proposed acquisition of 51% stake in SAA

Mpumi Zikalala, CEO at Kumba Iron Ore on their half year financial results.  Gidon Novick, co-founder at Lift Airline on the minority shareholders selling their stake, so that the Takatso Consortium deal can meet the Competition Tribunal's condition to own SAA. In our investment school, Charles Savage, group CEO at Purple Group discussed the impact of AI on investing and its benefits for retail Investors.See omnystudio.com/listener for privacy information.

  Clement speaks to Co-founder of Lyft and Takatso consortium minority shareholder, Gidon Novick as he gives update on the SAA deal following the decision by minority shareholders to sell their stake.See omnystudio.com/listener for privacy information.

 Some MPs say they are leaning toward the institution of an independent inquiry into the sale of SAA to the Takatso Consortium. This comes as now dismissed Public Enterprises DG, Kgathatso Tlhakudi, appeared before Parliament's Portfolio Committee on Public Enterprises earlier this week. Tlhakudi briefed MPs on his stance regarding the sale, alleging that there are various irregularities in the deal. Tlhakudi, requested an audience with the speaker who in turn referred the matter to the Public Enterprises Committee to deal with it. National Freedom Party MP Shaik Imam is among those vocal about the SAA/Takatso deal and is calling for an inquiry to unearth the facts. 

The partial privatization of SAA is underway with Takatso Consortium poised to acquire a 51% stake in SAA. The Competition Commission recently approved the deal on the condition that Takatso agrees to retain a minimum number of employees. Another condition includes starting a process to allow some shareholders in the consortium to exit the deal in the spirit of fair competition in the domestic airline. To discuss how far the sale of SAA is, Elvis Presslin spoke to Takatso Consortium Spokesperson, Thulasizwe Simelane

The Competition Commission has approved the majority sale of SAA to Takatso Consortium. The announcement follows the Commission's investigation into the acquisition of a 51 percent stake in SAA by Takatso Consortium. The Competition Commission says it approved the deal on condition that Takatso agrees to retain a minimum number of employees. Another condition includes starting a process to allow some shareholders in the consortium to exit the deal in the spirit of fair competition in the domestic airline. This after the Commission found that the merger was likely to result in limited competition as some Takatso shareholders were linked to SAA's rival company Lift airline. We spoke to Tamara Paremoer who is the Head of Mergers and Acquisitions at  the Competition Commission  

✈️The partnership between South African Airways (SAA) and Takatso Consortium hangs in the balance following the resignation of Gidon Novick. A devastating airshow crash in the USA, supply chain issues with Pratt and Whitney engines and we open up on plans for an entirely different additional show in the new year. Join us next week for a live collaboration with World Air News.      ✅Quick Episode Summary:     SAA in the news. Lift Airline news. SARS sheds light on the traveller declaration system

 Gidon Novick has resigned as the CEO and board member of Takatso Consortium that plans to buy 51% of SAA. Novick says he was frustrated by the lack of transparency regarding the progress of the transaction.  But other consortium shareholders have accused him of a potential conflict of interest. It's been almost two years since the Department of Public Enterprises, announced Takatso as the equity partner.  As part of the deal, Takatso are meant to commit at least R3bn towards the relaunch of SAA. Sakina Kamwendo spoke  Independent analyst , Khaya Sithole

Guest: Aviation Expert Guy Leitch joins John to discuss the implications of the resignation of Gidon Novick's resignation from the board of SAA's chosen equity partner, The Takatso Consortium.See omnystudio.com/listener for privacy information.

The Department of Public Enterprises has reiterated that documents pertaining to the sale of SAA are confidential. This is after the Western Cape High Court ordered the Department to provide Toto Investment Holdings with confidential documents of the SAA-Takatso consortium deal. The Tshwane-based investment firm took the department to court over the acquisition of a 51% stake in the embattled state-owned airline by the Takatso Consortium. For more on this, Elvis Presslin spoke to SA Flyer Magazine editor and aviation commentator Mr. Guy Leitch

SAA given 90 days to address breaches of aviation law: how does this affects Takatso deal? - Tshepo Mahloele – Chair, Takatso Consortium

SAA given 90 days to address breaches of aviation law: how does this affects Takatso deal? - Tshepo Mahloele – Chair, Takatso Consortium www.moneyweb.co.za

Tshepo Mahloele – voorsitter, Takatso Consortium.

Clement is joined by the Deputy Director General for legal Assurance and Governance at the Department of Public Enterprises and the Acting Director General at the Department of Public Enterprises, Jacky Molisane to talk about the South African Airways being sold to the private sector Takatso Consortium. See omnystudio.com/listener for privacy information.

Tshepo Mahloele, chairman at Takatso Consortium on their deal to purchase a 51% stake in SAA, and when the deal will be concluded. Farzam Ehsani, co-founder and CEO at VALR.com on more than $200 billion being wiped off in the cryptocurrency market in a day. Then on personal finance, Warren Ingram personal financial advisor and executive director at Galileo Capital explains investing for income when markets are going crazy. See omnystudio.com/listener for privacy information.

Guest: Tshepo  Mahloele | Chairman at Takatso Consortium  See omnystudio.com/listener for privacy information.

South Africa's decision to sell a majority stake in the country's loss-making national airline represents an ongoing financial risk to the state as the terms were skewed heavily toward the buyer, the National Treasury said. The finer print of the deal that saw the Takatso Consortium take a 51% shareholding in South African Airways last year represents a “contingent liability,” the Treasury said in a document emailed to Parliament's Standing Committee on Public Accounts that was later withdrawn. That's partly because Takatso -- made up of a local jet-leasing company and private-equity firm -- has the right to assess whether any ongoing liabilities in SAA be settled by the government, the Treasury said in the document seen by Bloomberg. The emergence of the concerns came as Public Enterprises Minister Pravin Gordhan was set to appear before the public-accounts committee. Gordhan, a former finance minister, had made the removal of SAA from the state roster a key tenet of his role overseeing he Department of Public Enterprises, which also counts debt-laden utility Eskom Holdings among its responsibilities. The terms “may result in the state providing funds in excess of its shareholding,” the Treasury said. While the letter was withdrawn, Finance Minister Enoch Godongwana said at the hearing that the National Treasury didn't participate in the sale process and the substance of the “letter stands.” The department declined to immediately comment further. PLANES GROUNDED The sale of SAA was announced in June last year after the airline emerged from lengthy bankruptcy proceedings, during which its planes were grounded for well over a year and the workforce cut by 80%. The airline, which used to serve destinations across Africa and a number of major global cities, hasn't made money since 2011 and received state bailouts that totaled billions of rand. “We all have the responsibility in government to reduce the guarantees and contingent liabilities,” Gordhan said in the hearing. The Department of Public Enterprises declined to comment further. The National Treasury said it was not consulted on the sale of the stake, which it said cost 51 rand ($3.16), and remains in the dark about a number of other agreements such as Takatso's proposed issue of preference shares to the DPE. It's also concerned that government guarantees on SAA's debt remain in place, according to the document. The finance minister at the time of the sale, Tito Mboweni, clashed repeatedly with Gordhan over SAA, maintaining the company be allowed to go bankrupt and airlines operated by private companies. He was replaced by Godongwana in August. “The strategic equity partner may assume very minimal shareholder risk for the acquisition of a majority shareholding a the purchase price of 51 rand,” the Treasury said. Takatso consists of Johannesburg-based Global Airways, which owns domestic airline Lift, and private-equity firm Harith General Partners.

News headlines: *The near-global ban on travel to and from South Africa over fears of the Omicron variant has left the local hospitality industry reeling. *International investors in the rail sector in South Africa have threatened to disinvest from the country because of “the mess” at the Passenger Rail Agency of South Africa (Prasa). *South African Airways' chosen strategic equity partner, the Takatso Consortium has confirmed that the due diligence process to buy a 51% stake in the state-owned flag carrier is now complete and no material issues were identified.

Gidon Novick – uitvoerende hoof, Takatso Consortium

The new South African Airways flights have returned to the skies after being grounded since last year. This as, the Takatso Consortium, SAA's preferred strategic equity partner has made it clear that it is not yet involved in the management, funding, or relaunch of the airline. The consortium says it is still negotiating with the government around the share purchase agreement for 51% of SAA, which is subject to various approvals and pre-conditions. Sakina Kamwendo spoke to the department of Public Enterprises Director General Kgathatso Tlhakudi 

The business sector computes the ripple effects of looting and anarchy in SA and indirect costs to the economy. Tshepo Mahloele, Chairman of Takatso Consortium and former-CEO of Harith General Partners talk about his career path, business dells and bid to acquire majority of South African Airways.  See omnystudio.com/listener for privacy information.

The United Democratic Movement (UDM) says it's willing to go to court to challenge government's decision to sell a 51% stake in South African Airways (SAA) to the Takatso Consortium. The political party believes that the sale lacks detail and the involvement of Harith as part of the Takatso Consortium is a concern. Business Day TV's Alishia Seckam discussed this in detail with UDM leader Bantu Holomisa.

Chief Executive Officer of Takatso Consortium www.moneyweb.co.za

Chief Executive Officer of Takatso Consortium

Guest: Bantu Holomisa | Leader at Udm  See omnystudio.com/listener for privacy information.

Public Enterprises Minister Pravin Gorhdan has announced Takatso Consortium as the new strategic equity partner for SAA. Takatso will own 51% of the restructured airline while government will hold a 49% stake into the new SAA. Government says it will not be putting any money into the new consortium. Gordhan says Takatso will invest just over 3 billion rand into the new airline. Gordhan says after the conclusion of all business rescue process the purchase agreement will be signed with Takatso consortium. We spoke to Adv. Melanchton Makobe, Acting Director General at the Department of Public Entreprises & Independent Analyst Khaya Sithole. See omnystudio.com/listener for privacy information.

Guest:  Tshepo Mahloele | Chairman at Takatso Consortium|    Chris Christodoulou | Aviation & commerce director at Christodoulou & Mavrikis Inc See omnystudio.com/listener for privacy information.

Tshepo Mahloele, Chairman of Takatso Consortium and Chris Christodoulou,  Aviation & commerce director of  Christodoulou & Mavrikis analyse the decision of SAA being majority owned by a private equity company  See omnystudio.com/listener for privacy information.