“I am comfortable to note and remark that we are doing very well,” he told reporters in Pretoria. “If you remember last year the problems that we had, including that the RTMC was in a state of so-called bankruptcy. We were also having a major deficit of about R200 million,” he said.
However, the current financial figures clearly showed the RTMC was in a better position. Letsoalo made a presentation on the finances of the RTMC. One slide indicated that the cash and cash equivalents for the financial year ended March 31, 2013 stood at R375m, compared to R130m in 2012.
The RTMC’s total net assets were R418m. “You can see from the figures that the RTMC is in a better position,” said Letsoalo. “You would see it from our financials that the balance sheet is stable. We are a better entity than we were in 2010.” He added the corporation would not tolerate corruption.