RTMC gets clean bill of health from Auditor-General

2013-08-05 13:44

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The Road Traffic Management Corporation (RTMC) has received a clean bill of financial health for 2012/13 from Auditor-General Terence Nombembe.

“I am comfortable to note and remark that we are doing very well,” acting CEO Collins Letsoalo told reporters in Pretoria today.

“If you remember last year the problems that we had, including that the RTMC was in a state of so-called bankruptcy, we were also having a major deficit of about R200 million,” he said.

But the current financial figures clearly showed the RTMC was in a better position.

Letsoalo made a presentation on the finances of the RTMC.

One slide indicated that the cash and cash equivalents for the financial year ended March 31 2013 stood at R375 million, compared with R130 million in 2012.

The RTMC’s total net assets were R418 million.

“You can see from the figures that the RTMC is in a better position,” said Letsoalo.

“You would see it from our financials that the balance sheet is stable. We are a better entity than we were in 2010.”

He added the corporation would not tolerate corruption.

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