SAA, SA Express and Denel miss reporting deadline, flouting finance act
Finance minister Nhlanhla Nene is expected to provide details of a funding package for SOEs in his medium-term budget policy statement
More than five months after the end of the financial year, the latest annual reports of struggling state-owned enterprises (SOEs) SA Airways, SA Express and Denel are yet to be finalised. By law, the reports must be tabled in parliament by the end of September. But in a letter to the speaker, public enterprises minister Pravin Gordhan, the custodian of the three SOEs, said 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 state-owned companies”. All three SOEs are already reliant on government support to continue operating and have appealed to the government for additional funds. Finance minister Nhlanhla Nene is expected to provide details of a funding package for SOEs in his medium-term budget policy statement to be tabled in parliament on October 24. SAA said it requires R21.7bn over the next three years to implement its turnaround strategy and set the airline on a sus...
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