• SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

  • Platinum handshake

    Officials who try to do what's right risk far more than blessed wrongdoers, says Solly Moeng.

All data is delayed
Loading...
See More

National airlines results chaos

Sep 26 2012 12:33
James-Brent Styan
Cape Town – The country's two state-owned airlines, South African Airways (SAA) and South African Express (SAX), will only table their annual results for the 2011/12 financial year in a few months' time.

The airlines, like all state-owned entities, are meant to table their annual results within six months after year-end, in this case by September 30.

Minister of Public Enterprises Malusi Gigaba wrote a letter to Max Sisulu, the speaker of the national assembly, explaining the delay in the submissions.

“As you may be aware, SAX 2010/11 financial statements and annual report were tabled in September 2011 but were
subsequently withdrawn in January 2012.

"This was after forensic investigations by Sizwe Ntsaluba revealed that the financial statements were materially misstated.

"The financial statements were restated and the audit was finalised in August 2012. I will table the 2010/2011 annual financial statements shortly.”

Gigaba said the annual financial statements for SAX for 2011/12 will only be completed in March 2013.

SAA results

Gigaba said SAA has not been able to finalise its annual report “due to the need to address the immediate financial position of the airline before the auditors can finalise the annual financial statements”.

The airline earlier this year indicated it needs a financial injection of around R6bn.

It is unclear if this amount will need to be allocated before the statements can be finalised.

“Accordingly, I postponed the AGM (annual general meeting) as SAA has not been able to finalise the 2012 annual report in order to meet the legislative requirements.

"To this end, my department is in discussions with the National Treasury to find a resolution to the financial
challenges of the airline,” Gigaba said.

He added it is anticipated that the SAA-related issues will be resolved within the next two months.
 
“I will be in a position to receive and table the annual report at the end of November 2012.”

* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.  


 
saa  |  airlines

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
11 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...