Icasa responds to the Auditor-General

Asked yesterday why ICASA's fixed assets are insured for R200 million, when the AG's report said the net book value of fixed assets is R14 million, spokesman Jubie Matlou argued: “ICASA has insured its property on a cost-based or replacement value, not on net book value, because when the asset is stolen you have to replace it on the actual value.
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Replacement value also includes payoff's - the usual 'expenses'.
 
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