Gordhan tells Parliament Denel, SAA, SA Express will miss annual report deadline | Fin24
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Gordhan tells Parliament Denel, SAA, SA Express will miss annual report deadline

Sep 19 2018 11:42
Khulekani Magubane

Public Enterprises Minister Pravin Gordhan has told National Assembly Speaker Baleka Mbete that state-owned enterprises Denel, SA Express and South African Airways would miss the deadline to table their audited financial statements.

In a letter to the Speaker, Gordhan said the SOEs would not be able to table their annual statements by the end of September, as the necessary items were still outstanding.

The letter was included in Parliament's circular on announcements, tabling and committees on Wednesday morning.

Denel, SA Express and SAA are among state companies that have failed to provide their most recent audited financial statements to Parliament, in compliance with the Public Finance Management Act (PFMA), alongside entities like the Passenger Rail Agency SA (Prasa).

In his letter, Gordhan told Mbete that the financial year of SA Express, SAA and Denel ended on 31 March 2018, and the annual reports, annual financial statements and audit reports for the 2017/2018 financial year must be tabled no later than 30 September 2018.

However, he said the entities had not yet submitted the necessary items to him for sign-off.

"These SOCs did not submit their 2017/18 annual reports, audited annual financial statements and audit report to me and the National Treasury on 31 August 2018 as required by section 65(1)(d) of the PFMA, as the audits on these entities are still being concluded, after which they must still be reviewed and finalised by the Audit committee and Boards of the respective SOCs," said Gordhan.

Gordhan said he was not in a position to table the annual reports by the due date, in light of this latest challenge to having the reports completed and submitted to the legislature.

"The annual financial statements will be tabled as soon as the above-mentioned concerns are resolved," Gordhan said.

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