PARLIAMENT - The South African Broadcasting Corporation (SABC) was heading for factual insolvency by the end of March and hoping for emergency funding from National Treasury to be allocated within the next two weeks, management and Communications Minister Stella Ndabeni-Abrahams said on Tuesday.
"Before the end of March there will be something," the minister told journalists at the close of a briefing to Parliament's portfolio committee on communications.
Ndabeni-Abrahams said at this stage it was not clear how much funding would be forthcoming from the National Treasury, recalling that the public broadcaster had asked for recapitalisation of R6.8 billion. That request has not been approved because the entity first needs to update its turnaround plan.
CEO Madod Mxakwe told MPs the SABC would hit factual insolvency at the end of the month and report a net loss of R568 million for the current financial year. The loss was R281 million more than anticipated.
Mxakwe said the company was suffering for "the past total disregard for process" it saw under previous management teams.