It is back to the drawing board for the troubled SABC after the Treasury rejected its initial request for a government guarantee amid concern that it still lacks accountability and a sound financial plan. Business Day understands that the presence of executives, such as chief financial officer and acting CEO James Aguma and suspended former chief operating officer Hlaudi Motsoeneng — both blamed for the SABC’s financial ruin — was also a factor in Treasury’s reluctance to accede to a request for a R1bn guarantee. The SABC has also failed to account adequately to Parliament for the irregular and wasteful expenditure of nearly R6bn flagged by the auditor-general in 2016 and to explain the unlawful signing of contracts on Aguma’s watch. The public broadcaster is in deep financial trouble and many suggest that it is on the brink of collapse amid struggles to meet its obligations, including the payment of service providers. The crisis has become so severe that its board took a decision t...

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