SABC can’t pay its monthly bills and is ‘engaging with the Treasury’
It owes creditors R694m, but at the end of August will have just R26m in the bank — and national sports broadcasting is on the line
The SABC’s financial situation is becoming more dire by the day. "It could be summarised in the fact that for a R6bn to R7bn organisation‚ we anticipate about R26m in the bank account at the end of August‚ really a situation that is unsustainable‚" the broadcaster’s newly appointed CFO Yolande van Biljon told MPs on Tuesday morning. The SABC board told the National Assembly’s communications committee that it is unable to meet some of its monthly financial obligations. As at August 15‚ the SABC owed its creditors R694m with further accruals of R475m — with only R26m in the bank at the end of the month. Board chair Bongumusa Makhathini said it was prioritising salaries and paying freelancers but struggling to meet a lot of the monthly financial obligations. Newly appointed group CEO Madoda Mxakwe said the broadcaster needs an intervention and has been "engaging with the Treasury" to ensure it gets the funding.
"Indeed, if you look at our business model and financial model, we ar...
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