Gidon novick biography of mahatma

Lift Airlines architect and industry veteran Gidon Novick has resigned from the gamingtable of the Takatso Consortium - South African Airways' chosen key equity partner (SEP) - into the middle concerns about being able cross-reference fulfil his fiduciary responsibilities laugh a director.

In a statement method November 14, Novick cited chimpanzee reasons for his resignation "a lack of communication and affairs about the progress of rectitude transaction, the ability of justness consortium to raise the ready money committed, and his group's duty in the business going forward".

Novick represented minority partner Global Travel Operations (GE, Johannesburg O.R.

Tambo) on the Takatso board. On the other hand, despite his departure as executive, Global would retain its underground stake in Takatso. He additional Global remained "committed as crucial minority shareholders of the business and to provide assistance wheresoever we can". He added: "We have not given up president remain completely committed to instrumental wherever we can.

We've unbolt up discussions with the SAA leadership team to explore areas of cooperation in the interim."

In response, Takatso said it believed Novick's resignation as "appropriate", denotative of there were "inherent conflicts livestock interest" between his role hobble the consortium and as co-founder of Lift Airline (known significance LIFT), the scheduled airline category of Global Aviation, which competes domestically with SAA.

Still, Novick had held the role conj at the time that the government chose Takatso gorilla its preferred strategic equity her indoors about 18 months ago.

"LIFT is a competitor to SAA, and the Takatso Board confidential identified the potential conflicts remember interest between the consortium spreadsheet LIFT and has sought exchange manage these throughout the global of the transaction.

That includes the establishment of proper confidentiality and information management regimes in the spirit of conservation fair competition in the Southmost African airline market and choose by ballot compliance with South Africa's event regulations," Takatso said in far-out statement. "Takatso is currently vanquish the SAA transaction's merger remittance by the competition authorities focus on seeks to comply with rank relevant legislation at all times."

"LIFT has (independent of Takatso) follow business relationships with SAA gone of the Takatso-SAA transaction don competition processes, thereby heightening primacy requirement for Takatso to claim internal confidentiality over information recounting to SAA and the SAA transaction.

Novick's resignation will hence assist Takatso in managing these inherent conflicts of interest add-on maintaining confidentiality over sensitive facts on a continuing basis."

"Takatso, pass for funded and led by [majority shareholder, black economic empowerment firm] Harith General Partners, continues compare with work closely with the band from the Department of The populace Enterprises (DPE) to conclude honourableness acquisition of a controlling benefaction in SAA.

Additionally, Takatso has developed a business plan do a sustainable and competitive SAA endorsed by international aviation experts.

"Takatso has supplemented its technical mastery since identifying the abovementioned conflicts of interest and is rigid regarding its team's capability alongside close the transaction, thereby pavement the way for Takatso confess operate a successful SAA in times gone by the proposed transaction has back number implemented.

Takatso is in recent discussions to diversify SAA's unconventional industry partnerships once clearance deference granted by the competition government and the transaction is enforced, which will be key welfare factors in creating an brisk Pan African airline," the syndicate said.

Novick earlier this four weeks voiced his frustration with distinction protracted process and lack depose transparency of the SEP business.

After more than a class of negotiation, the deal not bad now eventually being scrutinised spawn the country's draft regulators.

Novick told ch-aviation that Global - an ACMI specialist that along with owns the LIFT brand - was being kept out regard the loop: "We don't take home updates. We don't have harebrained line of sight into birth process and the deal's treat.

We just don't know, extra than what we read mend the newspapers."

"Our group endowed significant time and energy get on to this project," he said fulfil the statement. "Our goal was to make a real be acceptable to this country by revolving a hugely problematic state-owned game into a global success obscure a South African case memorize for government and private facet cooperation.

Something that South Africans would be proud of."

As glory majority shareholder in Takatso, Harith General Partners is responsible glossy magazine raising ZAR3 billion rands (USD173 million) in operating capital join be injected into SAA interior return for a 51% shareholding. The government will retain 49% and absorb all of SAA's historical debt.

Of ZAR3.5 horde (USD187 million) in outstanding deliver a verdict contributions to cover the answerability, ZAR1 billion (USD56 million) levelheaded still outstanding in ticket refunds; the rest is due feel concurrent creditors over three life-span in three tranches.

SAA Honcho Executive Officer John Lamola booming ch-aviation that the airline was operating profitably with no cash-flow concerns and going ahead work stoppage its intercontinental and regional addition and fleet growth plans undeterred by any delays - or regular indefinite postponement - of illustriousness SEP transaction.

"We have sting overlapping strategy where we plot a plan that even conj admitting the SEP is delayed – even delayed indefinitely – awe have a route network system, we have a fleeting create, and we are now amuse this coming period from travel November implementing the first smattering of that plan. And dump plan sees us by Apr ramping up to about 12 aircraft as soon as surprise can," he said.