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Cachalia calls for answers from Transnet on delayed financial statements

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Ghaleb Cachalia has called for Transnet to explain why there has been a delay in the release of its AFS, as this is set to negatively impact confidence.

The Democratic Alliance (DA) Shadow Minster of Public Enterprises, Ghaleb Cachalia, issued a statement on Monday, 11 October 2021, calling for Transnet to explain to Parliament why there is a delay in the release of its annual financial statements (AFS). He stated that Transnet needs to urgently appear before the Public Enterprises Committee in Parliament to explain this.

He also noted that Transnet’s AFS for the financial year ended 31 March 2021 should have been released at the end of September 2021. He further stressed that the timely release of the AFS is crucial for oversight, potential investor confidence, and clarity on the allocation of costs. Cachalia also confirmed that the DA has tabled a private members bill to ensure the timely release of AFS, calling out Transnet’s behaviour as uninspiring for confidence, which is guaranteed to negatively impact investor confidence with South African ports already struggling.

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