“If any of these state-owned companies default on their obligations, there will be a call across all the guarantees that we have. It has huge implications.”SAA is seeking a further R5 billion for its 2018 financial year, followed by R5 billion in 2019 and R3 billion in 2020. Of the R3 billion given to them now, R1,9 billion goes directly to Citibank. R800 million goes to existing service providers and the R300 million or so left over goes toward its monthly loss. That means this bailout isn’t even enough to keep SAA going for one month. So, what happens at the end of October? The government keeps saying that SAA, or owning an airline in general, is a strategic asset. The banks don’t see it this way and nobody else does either, so why are we pouring taxpayer money into a sinking ship consisting of only debt and contractual obligations? The best airline manager in the world probably couldn’t turn this around. Take further into account that if SAA were shut down, that money could go into things like water, sanitation or housing. All SAA does, in effect, is serve the rich to the detriment of the poor. So much then, for post-apartheid business ethics.