SABC heading for R568m net loss
JOHANNESBURG - - The South African Broadcasting Corporation (SABC) was heading for factual insolvency by the end of March and a net financial loss of R568 million for the financial year, the public broadcaster's management team told members of Parliament (MPs) on Tuesday.
The loss was R281 million more than anticipated, CEO Madod Mxakwe added in a briefing to Parliament's portfolio committee on communications.
He said the company was suffering for "the past total disregard for process" it saw under previous management teams.
The consequences of the financial crisis included content providers refusing to interact with the SABC because they have not been paid, and the company not being able to purchase the rights to air sporting events.
The SABC has also found itself unable to perform routine maintenance on its buildings and this was posing health and safety concerns.
- African News Agency (ANA)