Auditor-General says SA Post Office commercially insolvent - Report

[Hanno Labuschagne]

Auditor-General says SA Post Office commercially insolvent - Report

Auditor-General Tsakani Maluleke has found that the South African Post Office is commercially insolvent, SABC News reported.

According to the report, Maluleke's audit review of the Post Office Group's annual results noted it had incurred losses of over R1.7 billion in the 2019/2020 financial year, with its liabilities exceeding assets by R1.5 billion.

The Auditor-General gave the group a disclaimer option for its latest annual report.

 

[ConfusedR]

And the ANC must be very proud

 

[Radioboy]

Cant we just close it down already ?

 

[skusku]

Maybe international parcels will arrive quicker once post office disappears.

 

[Hummercellc]

“However, in the short to medium term, we fully expect that the National government will support SAPO’s efforts in dealing with these legacy issues,” she added.

So I guess, it is not the ANC to blame for poor governance and the inability to deal with corruption.
So it must be Apartheid?

 

[daveza]

insolvent - shut it down.

 

[Jet-Fighter7700]

insolvent - shut it down.

like SAA, but it will keep leaking out as long as you pour more money into it.

 

[Solitude]

Rename the Post Office. That will increase service delivery or something.

 

[Binary_Bark]

Another massive™ ANC criminal syndicate success story

 

[Jet-Fighter7700]

Rename the Post Office. That will increase service delivery or something.

to what?
indawo eletha imeyili?

 

[ShaunSA]

to what?
indawo eletha imeyili?

What a mouthful. How about Gqerbameyilihahahaha?

 

[Hemps]

Africa, its what we do.

 

[mr_norris]

Awe fellow taxpayers! Time to bail them out again!

 

[AstroTurf]

Telkom, SAA, SABC and now the post office. As soon as there is competition to the monopolies the SOE's collapse.

 

[Jet-Fighter7700]

Awe fellow taxpayers! Time to bail them out again!

the phrase,

"its pouring out as faster then you can pour it in"

comes to mind
funny its its a R30,000 citi golf, but not when its a SOE thats essential

 

[mypetcow]

I don’t think it’s actually easy for the government to shut it down. Losses aside the post office is the official responsible party for all incoming letters and small parcels into the county that are not sent via courier.

Not only that they forward all mail correspondence (post cards, letters, parcels) for international haulage via air or possibly road to their international counterparts. Not sure about the road part though.

Anyway it’s part of this treaty: https://en.wikipedia.org/wiki/Universal_Postal_Union

I think the government will therefore continue to run the post office as a ‘public service’ rather than a profitable business. So the loss making is just a big show. It will remain a tax funded enterprise and the losses will be paper losses only. It’s all tax money anyway.

The post office is probably more integrated and ‘necessary’ to fulfill international obligations than anyone here realizes.

 

[rvZA]

Change its name... apparently leads to better service delivery, could even become economically viable again.

 

[RonSwanson]

Another day, another SOE, another "turnaround plan".

 

[G.A.S]

2 birds with 1 stone -- Just force places that sends spam emails to buy postage stamps for each email! And have the post office enforce that (but no stamps for legit emails)

^ This is more likely to succeed than any other bailout or turnaround plan, unfortunately.

 

[thestaggy]

Just increase taxes so we can keep it afloat.