In the application before the ConCourt, FUL asked for an order compelling compliance with the conditions. It alleged CPS did not allow RAiN free access to its financial statements and that the verification report produced revealed CPS had under-declared its profits by about R800m.
On Thursday, the ConCourt ordered that CPS, KPMG and Mazars furnish RAiN with documents in their possession within 15 days from the date of receipt of a list of outstanding documents. It also ordered that RAiN submit, within 30 days, an updated verification report to national treasury. Reacting to the judgment, FUL said: “The application was necessary because the court’s original auditing and verification, ordered at the time of the social grants crisis, was not properly complied with.
“Sassa’s auditors maintained they had not been granted full access to the working papers of CPS’s auditors and required further financial information relating to other entities within the network of companies of CPS’s parent company, Net1. However, even without full access, Sassa’s auditors estimated CPS may have understated its profits by approximately R800m."
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