SABC OWES CREDITORS R694M!

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THE South African Broadcasting Corporation (SABC) board has told Parliament that it’s in financial trouble.

The broadcaster says it’s has governance and cash flow issues.

According to the SABC, it has only R26 million in its bank account and it owes creditors well over R694 million.

The SABC CFO, Yolande van Biljon told parliament that the broadcaster must make tough decisions when it comes to content.

“Since we are unable to procure content, we are unable to attract audiences and advertising,” van Biljon said.

She further added that the public broadcaster is in serious financial troubles as it owes R694 million to creditors.

The SABC reportedly pays staff salaries first and then they pay the lights and water to make sure that they remain operational.

SABC CEO Madoda Mxakwe on the other hand was criticized for not wanting to disclose the SABC’s turnaround strategy.

Mxakwe said he doesn't want to reveal the strategy because it will need funding to ensure to ensure that it gets done.

The SABC chairperson Bongumusa Makhathini however, said they are pursuing former COO, Hlaudi Motsoeneng on the R21 million that he owes the SABC.

This after the Special Investigating Unit (SIU) said Motsoeneng owed the SABC  R21 million.

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