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Cape Town - The government will "ensure" that R220m will be invested on commuter transport and safety and the South African Rail Commuter Corporation in the next three months.
This assurance was given by President Thabo Mbeki in his State of the Nation speech on Friday, who listed the Corporation as one of the outstanding tasks which would be attended to "within
the next three months".
The financial affairs of the SARCC - which manages commuter rail
services throughout the country - were so deficient that Auditor General Shauket Fakie gave the entity an "adverse" audit opinion for the financial year 2003-04.
The corporation, which receives a R1.8bn subsidy from government and had investment balances of R581m at the end of March 2004, was found to have had no investment policy in contravention of treasury regulations.
Its investments consisted of promissory notes held at financial institutions.
Among the deficiencies cited by the auditor-general - and included in the rail corporation's annual report tabled recently in parliament - were the incorrect manner of treating maintenance expenditure and the impairment and depreciation of
rolling stock with a book value of R2bn.
The report noted that there was 1.15 million kilometres of network and 478 stations under its purvey.
There were 481 million passenger journeys in 2003/04 compared to 465 million in the previous year.