SAA misses another annual report deadline

South African Airways has missed another annual report deadline to submit their records of expenditure to the National Assembly.

The state-owned airline, which has received numerous bailouts, missed the deadline of September 30, which according to the SABC is six months after its financial year.

The airline has reportedly asked for more time to file their financial records – a late submission for the third consecutive year.

The airline is expected to ask for another bailout from parliament.

According to National Treasury, SAA needs an additional R4 billion for the current financial year. Last year, it received a R5 billion lifeline to prevent it from defaulting on debt repayments.

Finance Minister Tito Mboweni is of the view that cash-strapped state-owned entities constantly being bailed out should be placed under curatorship. He has even appointed chief restructuring officers for Eskom, the SABC and SAA.

“We cannot release our financial statements as we have not finalised our going concern,” SAA interim chief financial officer Deon Fredericks told Daily Maverick on Tuesday.

Around R5.5 billion has been made available to the airline in September, with yet another R2 billion loan having to be finalised with lenders. Fredericks said Public Enterprises Minister Pravin Gordhan needed to ask parliament for an extension.

SAA’s 2016/17 annual report was delivered more than seven months late, with then finance minister Malusi Gigaba having to request extensions twice from parliament.

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