Government guarantees are not enough to bail out the SA Post Office, which can only survive if it is given a major cash injection. The Post Office received a grilling by parliament's standing committee on public accounts yesterday when it admitted management systems had collapsed resulting in mismanagement, late annual reports and dire financial straits.The 2014-15 annual report which reflected more than R1-billion in losses raises the possibility the Post Office, which was hit by four strikes in that year, could no longer function as a going concern.CEO Mark Barnes said MPs should prepare for similar losses in the 2015-16 financial year.Minister of Telecommunications and Postal Services Siyabonga Cwele said the "financial crisis" had not started two years ago, but was a result of systemic mismanagement over a long period of time.Board chair Simo Lushaba said the organisation had been through three CEOs, four CFOs, three chief operating officers and three board chairs between 2012 and 2015.Barnes said: "We sit here facing an extreme summary of wrongdoing, mismanagement and irregular expenditure" but said he was confident the Post Office could become relevant and effective...