SAA cannot publish audits

2012-09-27 00:00

The financial statements of South African Airways (SAA) cannot be published, as there is some concern about the financial position of the state-controlled airline.

The department of public enterprises is holding discussions with the treasury regarding a cash injection for the airline.

Sister newspaper Beeld has heard that SAA needs two amounts of money: a R1,3 billion government guarantee and a R1,6 billion loan to cover its running costs. Public enterprises minister Malusi Gigaba explained in a letter dated September 20 to national assembly speaker Max Sisulu why SAA’s statements have been delayed.

He told Sisulu that the SAA has not been able to finalise its financial statements because it has not yet been able to address its immediate financial position. State enterprises are legally obliged to publish their accounts within six months of the financial year end. The SAA’s year end is March 31.

The SAA’s executive committee told the parliamentary portfolio committee for public enterprises in February the airline would need an amount of R6 billion .

Tshwete would not comment on rumours that the SAA board and CEO Cheryl Carolus may be replaced.

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