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PRESS STATEMENT

30 Jan Transport

Golden Arrow is totally shocked by the response of the Minister of Finance to the judgement handed down this morning by the Cape High Court.
The Court ruled that there is no impediment for the Treasury to make funds available from the National Revenue Fund to pay outstanding passenger subsidies following our earlier settlement and Court Order.

The decision to apply for leave to appeal is totally unexpected and it now seems as if there is a deliberate attempt by either the Minister or functionaries within his department to destroy the organised scheduled bus industry in South Africa.

Judge Binns-Ward expressed the opinion that the consequence of the cessation of services” would have been sufficient consideration for an urgent political or administrative solution to have been sought”. He further commented that “if the government is acting in good faith payment will follow promptly”.

Golden Arrow will not allow the Government to try and walk away from its contractual obligations nor will it allow it to disregard a valid High Court decision.

The company remains committed to its passengers and all its other stake holders and will continue to seek ways and means to keep the company operative as long as possible.

Issued by : BW GIE, EXECUTIVE DIRECTOR

Media enquiries: BW Gie

(021) 507 8800 or 083 251 3355p> Date: 30 January 2009