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Government ‘forces’ Post Office into business rescue

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Court papers indicate that the state is willing to provide another R3.8bn for the struggling SOE in the October budget. Moneyweb Sapo BailOut

The SA Post Office has been saved from liquidation after an application to the high court by the minister of communications and digital technologies to halt liquidation proceedings and rather put the ailing enterprise into business rescue was granted. This means taxpayers are likely to be on the hook for billions more. Read: SA Government looks into post office’s financial woes The court’s take on the matter is telling.

“The minister’s counsel emphasised that any solution that solely focuses on a compromise with SAPO’s creditors, without addressing SAPO’s ability to increase its service offering and decrease costs, is not viable as it does not resolve the structural problems SAPO faces,” according to Van der Schyff’s ruling.

 

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