AFRICAN DAWN ANNUAL REPORT 2017 5 From the Chair continued SARS A new Section 200 application was submitted in December 2016 and we await the outcome. This is still the biggest risk in the group as both the going concern and any future investment and/or capital raising can only be conducted, once we have received a final outcome from SARS. A liability has been recognised in full for all interest and penalties that are payable to SARS. The liability originated in the years 2007 to 2010. During the 2010 financial year the VAT liabilities were discovered by the auditors and disclosed to SARS. We are however hopeful that we will have finalisation very soon. Properties in Possession and other The sale of the Green Oaks Property was approved by shareholders on 18 October 2016 and the transfer was finalized in May 2017. All the Almika property sales were completed during the year. We continue to pursue various debtors of the Group. Looking ahead Our biggest challenge is still to reach a SARS settlement. Our focus is constantly on the operational performance of the assets to ensure we get the required returns. We are further reducing costs in the Group. Appreciation We have learnt to adapt and survive through a very difficult period. I would like to thank the board, management and staff of the various operations, for their dedication and hard work during a tough year. WJ Groenewald 5th June 2017
AFRICAN DAWN 2017
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