Q&A with deputy CEO of Solidarity Werner Human
The government put SAA into voluntary business rescue after Solidarity began a court application to place SAA into business rescue
Is this a sign the government is taking the turnaround of SOEs seriously?
It ’s a belated response to the financial disarray of these and other SOEs which has been well known for a long time. Ramaphosa was tasked to turn them around in 2014 when he was deputy president and Pravin Gordhan was the finance minister. What we can deduce from these moves is that the government wants to retain control as far as possible of the process that follows. But the Companies Act is clear that the business rescue practitioner is independent whether business rescue comes from a court application or is voluntary …..