The CFO says the company is running its finances ‘literally on a day-to-day’ basis, prioritising salaries.
“Before the end of March, there will be something,” the minister told journalists at the close of a briefing to parliament’s portfolio committee on communications. CEO Madoda Mxakwe told MPs the SABC would hit factual insolvency at the end of the month and report a net loss of R568 million for the current financial year. The loss was R281 million more than anticipated.
The consequences of the financial crisis included content providers refusing to interact with the SABC because they have not been paid, and the company not being able to purchase the rights to air sporting events.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BDliveSA - 🏆 12. / 63 Read more »