South Africa’s Public Enterprises Minister, Malusi Gigaba, has fired the board of the state-owned regional airline, South African Express, after the airline failed to present audited financial statements.
With the exception of Bridget Ssamula, the entire board was removed, because of its failure to present its 2011-12 financial statements to Gigaba at its annual general meeting.
This comes after South African Express’s accounts were withdrawn last year, after it emerged that they were unreliable. The auditors cited numerous significant adjustments which were not substantiated with the appropriate audit evidence, reportable irregularities and cast doubt over the future of SA Express.
A new board has been appointed and the chairperson is Andile Mabizela, who has a background in strategy, aviation and law.
He will be supported by a board of directors and their primary mandate is to turn the airline around. The newly-appointed board is required to address a number of critical issues facing the airline - among those: crisis management, stabilising operations and building brand and reputational confidence.
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