South Africa Broadcasting Corporation to lose R568 million
The Public Broadcaster’s Management Team revealed on Tuesday, March 12 in Parliament that the South African Broadcasting Corporation (SABC) is at the level of factual insolvency by the end of March.
The team explained that a net financial loss of R568 million for the financial year has been observed.
The Chief Executive Officer of the Public Broadcaster Management, Madod Mxakwe, said in a briefing to Parliament Portfolio Committee on Communications that the loss was R281 million which is more than expected.
Mr. Mxakwe noted that the company was suffering for “the past total disregard for process” it experience under the past management teams.
The effects of the financial crisis involved content providers refusing to have discussions with SABC because they have not received their money, and the company not being able to buy the rights to air sports events.
The SABC has not been able to have routine building maintenance and this will pose health and safety issues.
Tags:
Related Posts
George Elombi takes Afreximbank helm, vows to transform African trade
In a historic moment for African economic sovereignty, Dr. George Elombi was officially invested as President and Chairman…
By
AfDB inks $73.31m loan to boost Kenya’s Science, Technology Education
The African Development Fund (ADF), part of the African Development Bank Group (AfDB), has approved a $73.31 million…
Sahara Group expands talent pipeline with Graduate Business Analyst Program
Sahara Group has introduced the Sahara Graduate Business Analyst (GBA) Program to equip emerging talent with analytical, data-driven,…
Equity Group launches 2024 Sustainability Report on Africa’s transformation
Equity Group Holdings Plc marked a significant milestone with the launch of its fourth annual Sustainability Report for…
Elumelu rallies leaders to unite public and private sectors for African prosperity
Tony Elumelu, Founder and Chairman of Heirs Holdings, rallied policymakers, business leaders, investors, and entrepreneurs to unite the…
Old Mutual Ghana reaffirms commitment to client support
Old Mutual Ghana, a leading integrated financial services provider renowned for its innovative life insurance and pension solutions,…
KLM launches 350km cycling expedition in Kenya for decarbonization push
KLM Royal Dutch Airlines celebrated its 106th anniversary by launching a cycling expedition from Nairobi to the Lolldaiga…
Shell, Sunlink greenlight HI gas project to boost Nigeria LNG exports
Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, and Sunlink Energies and Resources…
Ericsson signals higher payout after strong Q3 performance
Ericsson, the Swedish telecommunications giant, announced plans to potentially increase its shareholder payout this year following a robust…
Gallery
