A State Capture tale: 72yrs of profitability vs R35bn in bailouts

By Stuart Lowman

To assess the true cost of State Capture, one needs to look no further than South Africa’s airspace.

Comair made it 72 years of uninterrupted profits this week, while SAA has cost taxpayers almost R35bn since 1999, with another R21bn needed to carry the airline through to ‘expected profitability’ in 2021.

The airline’s annual report will also not make deadline, with further substantial losses expected.

Pravin Gordhan said more than R100bn had been lost to State Capture. But that’s not taking into account what profits well-run SOEs would have brought to the table.