SAA & SA Express cash woes delay submissions of annual reports to Parliament
The likes of SAA and regional sister airline SA Express will not be able to meet the deadline to table their reports on the last financial year.
CAPE TOWN - Serious cash flow problems at South African Airways (SAA) have on Wednesday delayed the airline's submission of its annual report to Parliament.
South African Express has also delayed submitting its report due to its own financial woes.
The two-state companies were supposed to have already tabled their financials.
It is that time of year where all government departments and entities submit their annual reports and financial statements to Parliament as required under the law.
But the likes of SAA and regional sister airline SA Express will not be able to meet the deadline to table their reports on the last financial year.
Public Enterprises Minister Pravin Gordhan wrote to Speaker Thandi Modise to inform and explain to her the reasons for the delays.
Gordhan said both airlines were experiencing serious financial challenges.
SAA did this before; the national carrier failed to table its 2016/17 annual financial statements
Gordhan said the SAA board had informed him the newly appointed Interim CEO and stand-in financial chief needed more time to submit the required information for audit.