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Four public entities yet to submit their 2018 financial statements, reveals PEMC |17 July 2019

Four public entities yet to submit their 2018 financial statements, reveals PEMC

Mr Tirant

Four out of 31 public entities are yet to submit their financial statements for the financial year ending December 31, 2018, according to the Public Enterprise Monitoring Commission (PEMC).

The entities in question are the Seychelles Trading Company Limited (STC), Air Seychelles Limited, 2020 Development (Seychelles) Limited and Paradis de Enfants Entertainment Limited.

The 27 other entities have already handed in their respective financial statements for the financial year ending in December 2018.

According to the chief executive of PEMC Georges Tirant, STC is awaiting the approval of its Board before the statement can be submitted while Air Seychelles is finalising its AFS.

PEMC has been assigned with the very important task of providing shareholder oversight to a range of Public Enterprises (PEs).

This mandate is principally guided by the Public Enterprise Monitoring Commission Act No. 3 of 2013, approved by the National Assembly in March 2013.

The Act establishes the PEMC as a catalyst to ensure that PEs “are properly controlled and managed for the purpose of better performance, transparency and accountability, to improve efficiency and competitiveness of the economy, to foster and accelerate the macro-economic stability of the country and to provide for matters connected therewith”.

These government owned organisations are responsible for the delivery of both commercial and social objectives. They moreover offer a range of essential services ranging from electricity, water, roads, seaports, fuel supply, transport and aviation.

In Seychelles, there are currently 31 PEs established using public financial resources, and which should be submitting financial statements for the financial year ending December 31, 2018.

Section 36 of the PEMC Act 2013 makes provision for Public Enterprises to draw up financial statements namely their balance sheets, profit and loss statements among other relevant financial activities.

Following an auditing process, the finalised financial statement for the financial year is submitted to the Public Enterprise’s Board for approval, the Ministry of Finance, Trade, Investment and Economic Planning as well as the parent ministry of the entity. A copy is also submitted to PEMC.

“Under the law, Public Enterprises have 3 months to submit their financial statements after the end of a financial year. However, PEMC can be flexible and grant them four months especially for larger entities. Our emphasis is on eliminating the delays although we are mindful that there are some limitations as we do not have a large pool of auditors and this can create delays and setbacks,” Mr Tirant noted.

He said that upon receiving the statements, PEMC publishes a performance report inclusive of each entity’s performance.

 

 

 

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