Gordhan asks for extension on SAA statements

[Ockie]

FINANCE Minister Pravin Gordhan’s hectic schedule since taking office has prevented him from attending to the plight of financially troubled airline SAA — as a result he has asked the Speaker of the National Assembly for a further extension for the tabling of its 2015 financial statements................

http://www.bdlive.co.za/business/transport/2016/03/17/gordhan-asks-for-extension-on-saa-statements

 

[Ockie]

I would say no. Show them and let the dice fall where they may. This has gone on long enough.

 

[cyberbob1979]

Surely those statements are done by CA's and are ready to be published?

Or is it the sh*t storm coming that he needs to prepare for / answer for in parliament?

Air the dirty laundry - I agree, only then can actions be taken to correct all these issues

 

[skeptic_SA]

Interesting that they cant supply 2015 financials - yet they seem to be able to predict what their 2017 results will be. #SAAcrystalBall?

 

[Sinbad]

Interesting that they cant supply 2015 financials - yet they seem to be able to predict what their 2017 results will be. #SAAcrystalBall?

Some one they used for that massive currency hedge in 2001 or 2 or whenever

 

[Gaz{M}]

They can't publish their results because it will show they are technically bankrupt and trading recklessly. They need another government guarantee before they can become "solvent" again. Pravin still needs to approve the guarantee.

 

[ScottulusMaximus]

Another way to piss off Zuma, release them Mr Gordhan! Harder for Zuma to lie if he's had a heart attack... Make it a 1-2 and cancel the nuclear deal as well in the same speach, the entire Zupta clan will have strokes and it would be over.

 

[hawker]

Just release the damn documents! If SAA needs to fold then so be it.

 

[NarrowBandFtw]

but ... but ... SAA set to fly out of the red

so there's only great news in those statements surely ... publish the great news

 

[HavocXphere]

I would say no. Show them and let the dice fall where they may. This has gone on long enough.

They can't. Without the gov guarantee they don't have going concern. Without going concern the financials need to be prepared on a liquidation basis which is a complete mess.

i.e. Instead of saying "this plane is worth R10m because we can fly it for the next X projected years making X profit" they need to say "if we throw this plane on gumtree we'd probably get 5m".

So not only would they officially have to admit SAA is fk'd but it would also screw over the numbers further.

Thats what I'm guessing is going on anyway...