The South African Broadcasting Corporation (SABC) has told Parliament that it cannot guarantee it will be able to pay its employees salaries at the end of the March.
Executives from the public broadcaster appeared on Tuesday before parliament’s Communications Committee to detail SABC’s turnaround strategy.
SABC CEO, Madoda Mxakwe, has told the committee it will take a while before it is financially stable, despite various cost-cutting measures. He added that cash flow is depleted and they have been engaging with the Department of Communications.
“At the end of February 2019 our total trade and other payables were at 1.4 billion and in terms of the credit payment they are at 114 days. So the SABC’s projected figures show factual insolvency by the end of March if nothing is done. ”
#SABC GCEO Madoda Mxakwe says the organization has implementing turnaround strategy and this has led to savings of R785m. #sabcnews
— Bulelani Phillip (@BulelaniPhillip) March 12, 2019
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