There are many private companies with reasonable BEE status that survive.   a competitor to the SAA, BA /Kulula air line manages to survive and thrive irrespective of its AA/BEE status.  Likewise Sasol survives and it was privatised.  The point is, once privatised, these companies can get rid of incompetents/indolents/criminals as many do through normal labour disciplinary practices and without government interference.  It is almost impossible to get rid of these employees from an SOE.  This is partly why they fail.  Privatisation must mean NO government interference.