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Fin24 reports that SA Broadcasting Corporation (SABC) board chair Bongumusa Makhathini told Parliament's Standing Committee on Public Accounts (Scopa) that all the state broadcaster needed was a R3bn government guarantee to avoid looming collapse in March.
The board briefed Scopa on Wednesday morning, following a meeting on Tuesday when board member Mathatha Tsedu told the portfolio committee on finance that the SABC's ability to pay full salaries would be in doubt as early as February next year. Makhathini told Scopa on Wednesday that because of its R1.3bn debt, the broadcaster was battling to meet its monthly obligations. He said about 70% of SABC's revenue went to wages, whereas this should be some 50%. Makhathini indicated that the SABC had approached government for a guarantee over a year ago but, instead got a letter of approval to go to the banks and borrow. But, the SABC’s audit outcomes did not make it an attractive prospect for banks. Makhathini stated if the SABC were to be granted a guarantee, it would use the funds accessed thereby to finance the repayment of debt, the procurement of content and maintenance of infrastructure.
- Read the full original report by Khulekani Magubane at Fin24
Read too, SABC needs R3bn, just so it can pay salaries, at TimesLive
Get other news reports at the SA Labour News home page