The Speaker

Letter from the Minister of Public Enterprises dated 28 February 2005 to the Speaker of the National Assembly, in terms of section 65(2)(a) of the Public Finance Management Act, 1999 (Act No 1 of 1999), explaining the delay in the tabling of the Annual Report of Aventura for 2004:

LATE TABLING OF ANNUAL FINANCIAL STATEMENTS OF AVENTURA TO PARLIAMENT

In terms of the section 55(1)(d) of the Public Finance Management Act, 1999 (hereafter called "PFMA"), Aventura is required to submit its annual financial statements and annual report within five months of the end of a financial year, to the relevant Treasury, to the executive authority responsible for the SOE as well as the Auditor-General.

As Aventura's financial year-end was 30 June 2004, the Annual Financial Statement and Report was due for submission on or before 31 December 2004.

As Aventura has been unable to comply with the above requirements for its 2002/2003 as well as its 2003/2004 financial years, I hereby inform you in terms of section 65(2) of the PFMA of the non-compliance of Aventura to this requirement.

Due to various unresolved aspects related to the actuarial valuation for the pension fund, which was only obtained in December 2004, the Board only approved the Annual Financial Statements for 2002/2003 on 28 January 2005. These statements will be submitted to myself for approval at the upcoming Aventura Annual General Meeting.

Once I have approved the 2002/2003 Statements, the audit of the 2003/2004 Annual Financial Statements will be concluded and submitted to me for my approval.

Aventura's Annual Financial Statements and Report will therefore be delivered to Parliament in due course for distribution to the Members of Parliament.

Best regards,

signed

Mr A Erwin, MP
MINISTER OF PUBLIC ENTERPRISES