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Auditor General raises red flags over state of struggling SOEs

Kimi Makwetu briefed Parliament’s portfolio committee on energy on Tuesday on its audit outcomes for the 2017/2018 year.

FILE: Auditor-General Kimi Makwetu. Picture: Christa Eybers/EWN

JOHANNESBURG - Auditor-General Kimi Makwetu says there's uncertainty around whether PetroSA, the South African Nuclear Energy Corporation (Necsa) and Pelchem can continue operating.

Makwetu briefed Parliament’s portfolio committee on energy on Tuesday on its audit outcomes for the 2017/2018 year.

One key concern identified by Makwetu within PetroSA is debtor’s collection periods, which have increased, putting a strain on cash flows at the state-owned entity.

The Auditor General says Necsa’s liabilities exceed its assets and adverse liquidity ratios with cash flows have been forecast for the next financial year.

Meanwhile, Pelchem continues to make losses and is significantly dependent on Necsa.

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