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SABC Relying On Goodwill Of Service Providers To Get By – CEO

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CAPE TOWN – The South African Broadcasting Corporation’s (SABC) top brass were back in Parliament on Wednesday to brief Members of Parliament (MPs) on the broadcaster’s finances.

Officials were kept busy meeting with various committees.

The SABC said its dire financial situation worsened during the 2018/19 financial year and the corporation ended with a cash balance of only R72 million in the bank.

The effects are being felt with the company unable to broadcast Premier Soccer League games, due to broadcasting rights issues.

Group CEO Madoda Mxakwe said there were serious cash flow problems and the broadcaster had to rely on the goodwill of service providers, which it could not afford to pay.

Mxakwe said the company owed about R1.8 billion. He said a pending cash injection would go a long way in improving the situation.

EWN

The post SABC Relying On Goodwill Of Service Providers To Get By – CEO appeared first on iAfrica.com.

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