Accountability Now wants to know why the ‘illiquid’ SABC is not under business rescue
Questions are being raised over why the SABC has not been placed under business rescue as the broadcaster faces "illiquidity‚ looming insolvency and lack of internal resources". The Institute for Accountability in Southern Africa‚ or Accountability Now‚ has written to SABC board chairman Bongumusa Makhathini asking why steps have not been taken in this regard. In a statement issued on Tuesday‚ the non-governmental organisation (NGO) said it relied on the Auditor-General report into the finances of the state-owned broadcaster. The SABC has seven days to respond. The letter refers to the report of the Auditor-General to Parliament on the SABC (commencing on page 89 of the annual financial report)‚ which reads: "[The SABC was] ... commercially insolvent because it was not able to pay its debts as and when they were due, even though its assets exceed its liability. Subsequent to the year end‚ the entity applied for a government guarantee to the National Treasury in order to enable it to...
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