R1bn dispute at SA Express – report

2012-08-15 09:18

There had been disputes in accounts involving R1 billion at SA Express, before the airline’s board was axed, according to a report.

Nkonki Incorporated, the former external auditors, said in its audit report it was not able to verify more than R1 billion in accounting adjustments in the 2010/2011 financial year, and could not express an opinion on the account, financial daily Business Day reported today.

Public Enterprises Minister Malusi Gigaba sacked the board of the state-owned airliner after a “severe breakdown” in the relationship between it and the minister, Gigaba’s spokesperson Mayihlone Tshwete told SABC radio news yesterday.

The department told the newspaper this was “not a missing billion rand, it’s a billion rand of disputes”.

“We are not going to stop at anything to correct what has been damaged at South Africa Express, that is why the new board has been instructed to fix what needs to be fixed,” Tshwete said.

“If management are involved in any wrongdoing and the Auditor-General uncovers that, the minister will take steps... We will make whatever decisions are necessary.”

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.