The Minister of Public Enterprises, Ms Lynne Brown has informed the Speaker of Parliament that three State-Owned Companies, SA Airways, SA Express Airways and Broadband Infraco, were unable to table their respective Integrated Reports by the deadline of 30 September 2014, as prescribed in the Public Finance Management Act.
Parliament acknowledged receipt of the letters and the requests to table the reports at a later date were published in Parliament's Announcements, Tabling and Committees (ATC) bulletin today.
The delay in submitting the Integrated Reports Annual report of Broadband Infraco was due to a technical matter. President Jacob Zuma announced in May 2014 the establishment of the new Department of Telecommunications and Postal Services (DTPS) and the transfer of Broadband Infraco to the new Department. The required proclamation to give effect to this was signed by President Zuma last week. This paves the way for the transfer and holding of the AGM at which the Integrated Report will be tabled. It will be submitted within ten days after the meeting to Parliament.
SAA and SAX are not in a position to table their respective Integrated Reports by the end of business today due to delays in the airlines' finalisation of the various reports that must accompany their annual financial statements.
In terms of the Companies Act, the SAA, SAX and Broadband Infraco 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, whereas for SAA the deadline expires on 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 which 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 thevarious models and concrete proposals will soon be ready," said Minister Brown.
For media enquiries contact, Colin Cruywagen on 0823779916 or firstname.lastname@example.org