Broadcasting Services

CEO Says South Africa's SABC Is Facing Possibility Of Insolvency By End Of March

The SABC’s financial crisis is reported to have become so dire that the public broadcaster is at high risk of being insolvent by the end of March if no immediate action is taken, according to what South Africa’s Parliament has been told.

The SABC briefed Parliament’s communications committee on its recovery plan.

The public broadcaster’s Chief Executive Officer, Madoda Mxakwe said that the SABC’s financial situation is worse than ever before.
Mxakwe said that the SABC is currently working closely with South Africa’s Department of Communications (DOC) to jointly come up with a plan from a funding point of view.

He said that if those plans do not materialise before month-end, then insolvency will become a reality for the SABC.

The SABC expects to suffer a net loss of over $39 million this year. This is $19 million more than what had been forecast in its budget.

Meanwhile, the committee has decided to relieve Rubben Mohlaloga of his duties as ICASA’s chairperson and councillor with immediate effect, following his conviction and sentencing in a fraud and money laundering case.

The National Assembly is expected to grant its approval to the committee’s recommendation soon.


Credit: This article originated from www.ewn.co.za

 





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