BOXING South Africa (BSA) is not in the red.
This assertion of hope was issued by BSA chief executive Loyiso Mtya yesterday after he appeared before the standing committee on public accounts (Scopa) on Wednesday.
The Boxing SA delegation to Parliament was led by BSA chairperson Peter Ngatane.
Last year the audit report recorded an operating loss of R4,3million at BSA and it was also discovered that the controlling body's debt exceeded its assets by almost R6million, with current liabilities amounting to R8,2million.
The report found that BSA's total expenditure for that year was R11,9million but revenue amounted to R7,4million. That suggested that the body was on the brink of bankruptcy.
"We are on the road to recovery after paying all our debts on September 22 last year," said Mtya, who took over the reins at BSA from Bongani Khumalo in June last year.
Mtya explained that they raised funds in such a short time by cutting costs with measures that included not replacing staff members who left after Khumalo's resignation in May.
"It was a staff of 14 but we now have nine people. We have also stopped using the services of outsiders and now everything is done within."
He admitted they were grilled by Scopa, but said it was good that they appeared before the committee to explain their situation at BSA.
"We were questioned about our operational expenditure plus the R600000 that was not accounted for in terms of paper. We had an invoice but according to the auditor-general that was wrong," he said.
"I noticed that the government believes that boxing is dying.
"When I started at Boxing SA it had a R4million deficit but that is history."
Mtya added that the government would give BSA more money.
"Luckily they are aware of our achievements and predicament."