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Dept of Public Enterprises welcomes court judgment allowing SAA sale to proceed

The Department of Public Enterprises said that the judgment allowed it to proceed with the Takatso transaction that would see 51% of the national airline being sold.

CAPE TOWN – The Department of Public Enterprises has welcomed a High Court judgment dismissing an attempt to stop it from proceeding with the sale of South African Airways (SAA).

The Western Cape High Court on Monday also dismissed a bid by Toto Investments for all documents related to the sale to the Takatso Consortium to be made public.

But it has succeeded in getting government to submit all documents to the court, some of which will be sealed as confidential.

Toto Investments, which was unsuccessful in vying to become SAA’s strategic equity partner, maintains the deal has not been equitable nor transparent.

The Department of Public Enterprises said that the judgment allowed it to proceed with the Takatso transaction that would see 51% of the national airline being sold.

It said that the judgment was also in line with the arrangement which prohibited it from disclosing certain documents, unless under a confidentiality regime, which Judge Nathan Erasmus would now manage.

Minister Pravin Gordhan said that it was unfortunate that Toto Investments had to approach the court to force the disclosure of confidential documents.

The department said that it would comply with a court directive to provide both a non-confidential and a confidential version, of the record within 20 days.

But it has labeled an attempt by the Economic Freedom Fighters (EFF) to intervene in the matter, which will be heard in January, as nefarious, saying there’s a political agenda at play to disrupt the reform of state-owned entities.

Minister Gordhan has also challenged Toto Investments to reveal who its directors are.

The department said that it was committed to ensuring that the transaction with Takatso was concluded as soon as possible, and it would not be deterred by disruptive forces.

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