Ricochet News

Three state companies fail to meet deadline for tabling reports

Three state companies fail to meet deadline for tabling reports

Three State Owned Companies (SOCs) or parastatals have failed to table their integrated reports before the 30 September deadline, Public Enterprises Minister, Lynne Brown said in a statement on Tuesday. The three are South African Airways (SAA), SA Express Airways (SAX) and Broadband Infraco.

In the statement, Minister Brown said the SOCs, which fall under the Public Enterprises portfolio, had not been able to deliver the reports due to a technical matter...

“President Jacob Zuma announced in May 2014 the establishment of the new Department of Telecommunications and Postal Services and the transfer of Broadband Infraco to the new department.

“The required proclamation to give effect to this was signed by the President last week,” she said.

The Minister said the proclamation now paves the way for the transfer and holding of the Annual General Meeting (AGM) at which the integrated report will be tabled.

“It will be submitted to Parliament within 10 days after the meeting,” said the Minister.

SAA and SAX are also not in a position to table their reports because of delays in the airlines’ finalisation of the various reports that must accompany their annual financial statements.

In terms of the Companies Act, the three entities have 15 calendar months after the previous AGM in which to hold the 2014 AGM.

The deadlines for SAX and Broadband Infraco expire at the end of November 2015, while the deadline for SAA is 31 March 2015.

“In respect of the two airlines, I have initiated a process to address the matters related to them. I intend to submit to Cabinet in the not too distant future a proposal that will address the State’s ownership of airlines and the long-term financial stability of SAA and SAX.

“An Inter-Ministerial Committee task team has been meeting for some time to discuss the various models and concrete proposals will soon be ready,” said Minister Brown.