'The SABC's cash flow is depleted and therefore the SABC cannot honour payments to service providers, adhere to its committed contracts, and commission local content productions.'
The SABC will be unable to operate and the 'black-on-air' scenario is a real and highly possible threat if it does not get funding soon, the broadcaster told parliament on Tuesday.The SABC cannot guarantee that it will be able to pay its employees' salaries at the end of this month.The document also warns that should the financial crisis not be addressed urgently, the SABC would be unable to operate and the"black-on-air" scenario is a real and highly possible threat.
SABC bosses are appearing before the national assembly's portfolio committee on communication to talk about progress made on the turnaround strategy, labour relations issues and the implementation of the recommendations of the SABC board inquiry. Group CEO Madoda Mxakwe warned that the broadcaster was facing factual insolvency by the end of March if nothing is done in terms of the request for more funding.
The SABC applied for government funding due to its severe liquidity crisis which, according to the document, is threatening the corporation's status as a going concern.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SABC risks factual insolvency by end of March, Parliament hearsFigures submitted by the public broadcaster to Parliament show it will be factually insolvent by March 31.
Read more »
Mxakwe: SABC will be factually insolvent by end of March if nothing doneThe SABC expects to make a net loss of R568 million this year. This is R281 million more than forecast in its budget.
Read more »
Medical negligence shoot through the roofMedical negligence claims have increased by more than R50-billion from March 2015 to March 2018.
Read more »
Medical negligence shoot through the roofMedical negligence claims have increased by more than R50-billion from March 2015 to March 2018.
Read more »
SABC heading for R568 million net lossThe broadcaster has also found itself unable to perform routine maintenance on its buildings.
Read more »
First SABC board candidate says she can weather 'tsunami of corruption'
Read more »
Motsoeneng 'will gladly' testify at Zondo commissionFormer SABC COO turned politician Hlaudi Motsoeneng says he would “gladly” testify at the Zondo commission, warning the ANC will 'be in trouble'.
Read more »