Myeni to be grilled at Finance meeting
18 September 2016
The DA is committed to getting to the bottom of the myriad issues that plague the SAA. At the scheduled appearance of the SAA board and executive before the Standing Committee on Finance in Parliament at 10:00 on Tuesday 20th September it intends to hold those responsible to account.
The 2014/15 SAA Annual Financial Statements tabled late on the 15th of September 2016, even though preliminary and a year overdue, reveal the extent to which the Company has been mismanaged.
According to Minister Gordhan, the finalisation of the 2014/15 report has been delayed because “a number of technical difficulties were raised by the auditors at the last minute”. Consequently the report tabled does not include the Auditors report, nor has it been signed off by the board and could be subject to “material changes”.
It is disconcerting that some 18 months after the end of the financial year and some twelve months after the due date for the report, the Auditors only now raise "technical difficulties”. We suspect that the Auditors will be looking at the anti-competitive claims lodged by Nationwide and Comair airlines that are likely to cost SAA more than R1.1 billion and have not been adequately provided for. These would increase the losses of R 4.67 billion to some R 6 billion or more.