Broadband Infraco financial report delayed

Broadband Infraco was unable to table its integrated reports by the deadline of 30 September 2014, as prescribed in the Public Finance Management Act.

This is according to Public Enterprises minister, Lynne Brown, who informed the Speaker of Parliament on Tuesday regarding the state-owned broadband infrastructure company.

The delay in submitting the Integrated Reports Annual report of Broadband Infraco was due to a technical matter, the minister said.

“President Jacob Zuma announced in May 2014 the establishment of the new Department of Telecommunications and Postal Services (DTPS) and the transfer of Broadband Infraco to the new Department.

“The required proclamation to give effect to this was signed by  President Zuma last week. This paves the way for the transfer and holding of the AGM at which the Integrated Report will be tabled. It will be submitted within ten days after the meeting to Parliament,” the department said in a statement on Tuesday (30 September).

In terms of the Companies Act, Broadband Infraco has 15 calendar months after the previous AGM in which to hold the 2014 AGM.

The deadline for the broadband infrastructure company expires at the end of November 2015.

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Broadband Infraco financial report delayed