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BusinessLive reports that the Special Investigating Unit (SIU) is trying to recover more than half a billion rand for the SA Broadcasting Corporation (SABC) lost largely due to irregularly awarded contracts by former directors of the broke public broadcaster.
The SIU and the SABC are also trying to recoup losses by withholding the pensions of erstwhile bosses, including former COO Hlaudi Motsoeneng and James Aguma, who previously acted in the position of CEO. The new SABC board‚ chaired by Bongumusa Makhathini‚ has been on an aggressive drive to improve the dire financial state and the operations of the broadcaster after years of decline under Motsoeneng and former executives to whom he irregularly awarded staggering salary increases and promotions. The financial crisis at the SABC has largely been blamed on the former executives. The SABC is technically insolvent and recorded a R192.3m loss in the first quarter of the 2019/2020 financial year. It posted an unaudited loss of R483m in the previous year. A year earlier it incurred a loss of R622m.
- Read the full original of the report in the above regard by Bekezela Phakathi at BusinessLive
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