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Labour

Labour. Presentation to Parliamentary Committee Mr June Dube Chairperson, TETA Board Mr Steve O’Brien Vice Chairperson, TETA Board Dr Johan de Beer Acting CEO, TETA Mr Dalpat Naran CFO, TETA.

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Labour

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  1. Labour Presentation to Parliamentary Committee Mr June Dube Chairperson, TETA Board Mr Steve O’Brien Vice Chairperson, TETA Board Dr Johan de Beer Acting CEO, TETA Mr Dalpat Naran CFO, TETA

  2. Transport Education & Training Authority (TETA) • Board Members present: Mr June Dube (Chairperson TETA) Mr Steve O Brien (Vice Chairperson) Mrs Gugu Mdlala Mr Garry Wilson Mr George Strauss

  3. Labour Overview: TETAMr Steve O’Brien Vice Chairman, TETA • TETA was established in 2000 in terms of the Skills Development Act, Act 97 of 1998. The specialised services we provide are as follows: • Skills levy grant disbursements • Skills development • Education training quality assurance Our stakeholders include over 13 000 registered levy-paying companies within the transport sector, training service providers, transport regulators The TETA Board members comprise of some 36 stakeholders made up of industry and labour representatives

  4. Labour Overview: TETAMr Steve O’Brien Vice Chairman, TETA TETA’S DELIVERY STRUCTURE EIGHT CHAMBERS: • Aerospace • Forwarding and Clearing • Freight Handling • Maritime • Rail • Road Freight • Road Passenger • Taxi . • ETQA • FINANCE • SKILSS DEVELOPMENT

  5. Background to Fidentia InvestmentMr June Dube (Chairman TETA Board) The capital amount invested in Fidentia Asset Management amounts to R 177 Million over a period Fidentia was placed under curator ship by the Cape High Court. The curators investigation is progressing well, however it is too early to determine the amount that TETA will recover. Indications are that it might be between 20c & 40c in the Rand. TETA is continuously in contact with the Curators. Meeting Scheduled for Friday 24th of August

  6. TETA Board ActionsMr June Dube (Chairman TETA Board) KPMG Forensic Audit The TETA Board appointed KPMG to conduct a forensic audit on the TETA investments. In the interest of good corporate governance, the Chief Executive Officer was suspended, pending the final audit report. Disciplinary charges were laid to the CEO. The case is still pending

  7. Overview: TETA’s Financial position: 2007/08 • Opening balance – R 137 029 323 (1st Apr. ’07) • Admin Income - R 30 448 837 • Levy Income - R 206 148 051 (70%) • Admin Expenses - R27 658 031 • Mandatory Grants (06/07) - R60 192 943 • Discretionary Grants - R77 263 428 • SMME Grants - R10 663 297 • Projects - R 3 057 924 • Mandatory Grants (07/08) - R81 394 496 Surplus (31st March ‘08) – R 120 867 347

  8. EXISTING OBLIGATIONSDr Johan de Beer With the loss of the Fidentia Investment, concern was expressed with regard to TETA’s ability to continue as a going concern and achieve the targets agreed to in the Service Level Agreement. • We can confirm that TETA will honour all existing contractual obligation’s in line with targets set with the NSDS. This includes targets for 2007/08. Effective financial management & cash flow management planning will ensure achievement of both targets and continuation as a going concern. Since Febr ’07 TETA has honoured all its mandatory grant & discretionary commitments as well as administrative expenses

  9. Thank You

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