Gigaba again asks for more time in tabling SAA
FINANCE Minister Malusi Gigaba has once again asked Parliament to defer the tabling of financially troubled South African Airways (SAA).
In a letter to Speaker Baleka Mbete yesterday, Gigaba requested that the tabling of the results be deferred to the end of April.
He said SAA still needed to resolve technical issues with the office of Auditor-General Kimi Makwetu.
The airline financial trouble for some time and the cabinet last year appointed a new board to stabilise its operations.
SAA’s results were meant to be tabled last September.
However, Gigaba asked for the deadline to be extended to January 28.
“This was due to technical accounting matters which were raised by external auditors (auditor-general). The matters are yet to be resolved with the external auditors. It is on this basis that I request your indulgence to extend the deadline for the tabling of SAA’s annual financial statements to a date not later than April 30,” said Gigaba.
By law, the airline is required to hold its annual general meeting (AGM) within 15 months after it last held one. The last AGM was held in October 2016.
The results have to be tabled to an AGM before Parliament.
The airline last year told Parliament that it was projecting a loss of R4 billion by the end of March, much higher than expected.
“SAA, pursuant to section 61 of the Companies Act has requested an extension of time to hold its AGM beyond the 15 months’ deadline, which expired on January 28, from the Companies Tribunal of SA. The Companies Tribunal has granted SAA’s extension to hold its AGM on a date not later than March 31,” wrote Gigaba.
The delay in the results of SAA comes after Gigaba faced questions in Parliament on the structural reforms at stateowned entities (SOEs).
Gigaba said the reforms would continue and President Cyril Ramaphosa would now set in motion the Presidential Co-ordinating Commission to get SOEs to improve their financial performance and liquidity.
Director-general in the National Treasury Dondo Mogajane said they were fixing the SOEs with the appointment of new boards at Eskom and SAA.
“It is important we improve governance and liquidity constraints that are there. We took a decision at Eskom and that’s what we will do at all SOEs,” said Mogajane.