For this and other reason auditors expressed doubts, in Sapo’s 2014-15 annual report, that it will still be a going concern by the end of the current financial year.
The report was handed in to Parliament last week, four months late.
Fruitless and wasteful expenditure amounted to R41 million, and unauthorised expenditure R213.6m. It lost R5.3m to fraud relating to the institution’s treasury, and R5.5m to “commercial crime”.
In the previous financial year it reported a loss of over R358m.
On the positive side the Sapo is still solvent, with its total assets at March 31 last year exceeding its liabilities by more than R2.3bn.