Novick has no choice but to walk away because South Africa’s competition authorities ejected him from the deal to privatise SAA, which is one of President Cyril Ramaphosa’s measures to reform state-owned enterprises (SOEs) and for them to embrace private investors as partners for delivery. “There was no doubt in our mind that SAA could be turned around to be a viable, profitable and sustainable airline, helping it move away from its past of financial losses, poor management and corruption.” Being involved in SAA would have been great, especially turning around an airline with a chequered past has been a huge liability for the country for decades,” Novick told Daily Maverick.
“It’s disappointing to walk away from the deal. Gidon Novick, an aviation industry veteran who founded domestic airlines Kulula and Lift, is ready to pull out of an unprecedented deal to purchase part of state-owned airline South African Airways (SAA) from the government. South Africa’s competition authorities have approved the sale of a majority stake in SAA to private sector investors, but some of these investors will be left in the departure lounge.
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