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Fin24 reports that the SA Broadcasting Corporation (SABC) has been silent after its chief financial officer (CFO) revealed that the struggling organisation was hampered by absent leadership with "no sense of urgency in the executive team", was running "on autopilot" and was once again barrelling towards "day zero" where it won't be able to pay salaries and might be placed in business rescue.
After mounting losses in the past decade, the SABC is set to record a massive financial loss of over R1 billion for its 2022/23 financial year. Rank-and-file SABC staffers as well as production companies doing business with the broadcaster are wondering whether salaries will remain paid and if a new round of retrenchments, or yet another turnaround plan, might be on the cards. After a R3.2 billion government bailout in 2019 in the form of a loan guarantee, the SABC – which had to function without a SABC board for over half a year until a new one was appointed in April – is once again struggling to pay bills, with warning lights flickering over its ongoing ability to pay staff in the coming months. The SABC has also been losing senior staff. It was reported at the weekend that CFO Yolanda van Biljon in a memo to the new SABC board chairperson Khathutshelo Ramukumba warned that the broadcaster was once again teetering on the brink of financial collapse and might end up being placed in business rescue similar to the SA Post Office. Hannes du Buisson of the Bemawu trade union told SABC News that the broadcaster's staff hadn't received any communication from management about the possibility that it might be placed in business rescue. The SABC’s wage bill is by far its biggest single expense.
- Read the full original of the report in the above regard by Thinus Ferreira at Fin24
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