We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

The Passenger Rail Agency of SA (Prasa) was on the verge of financial collapse at the end of the last financial year when it made a previously undisclosed loss of R1.7bn. The accumulated loss at the end of March 2017 was R4.4bn. This has emerged from a leaked report of the auditor-general related to the 2016-17 financial statements, details of which were disclosed by DA transport spokesperson Manny de Freitas and police spokesperson Zakhele Mbhele at a media briefing on Tuesday. Prasa has still not tabled its annual report for the 2016-17 financial year, even though it was required to do so by end-September 2017 in terms of the Public Finance Management Act (PFMA). It is now about 318 days overdue. The agency has been wracked by allegations of corruption related to the procurement of rolling stock. According to the auditor-general, Prasa did not have an adequate system for identifying and disclosing all irregular, fruitless and wasteful expenditure, and he noted that there was a lac...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now