State-Owned Entities Cite Financial Problems For Failing To Submit Financial Statements

By  |  October 3, 2019

Some State-owned entities in South Africa have skipped the deadline for submitting financial statements citing financial constraints as the reason for the delay.

South African Airways (SAA) and SA Express have reported severe financial problems.

This is the third year in a row SAA has failed to submit its financial statements on time, asking for a period extension to file its financial records. It is neither the first time SA Express is missing the deadline for submission of the annual report.

“The boards of South African Airways (SAA) and South African Express Airways (SA Express) have not been able to finalise and submit the annual reports to me within the PFMA prescribed timelines,” Public Enterprises Minister Pravin Gordhan said adding,”Both airlines are experiencing serious financial challenges and are unable to meet going concerns.”

The Public Enterprises Minister further revealed that SAA has requested for more time before it submits the required information for audit.

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“SAA, simultaneously, submitted a request to the Companies Tribunal, requesting an extension to hold its Annual General Meeting (AGM) due to its inability to finalise the annual financial statements on a going concern basis,” Gordhan said.

Gordan also told parliament ailing diamond miner Alexkor has not finished working on its reports for similar reasons as those of SAA and SA Express adding that, “the documents will be tabled as soon as they are finalised.”

The law directs that all government departments and entities submit their annual reports and financial statements to parliament by the legal deadline of September 30.

Information disclosure including both financial and non-financial data is essential for the government so that as the owner, it evaluates the performance and mitigates any potential issues which may derail performance or lead to downfall.

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