Cosatu expresses doubt on Post Office business rescue decision - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

  • 📰 SABCNews
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 51%

Post Office News

South Africa South Africa Latest News,South Africa South Africa Headlines

Cosatu doubts on whether money spent on rescuing the Post Office was worth is.

The Congress of South African Trade Unions has expressed doubts on whether the money spent on rescuing theThe state-owned enterprise’s business rescue process has so far cost taxpayers over R 175 million for 13 months of work.

In July last year, the High Court in Pretoria granted government’s application to place the Post Office under business rescue, halting liquidation proceedings. Cosatu’s Parliamentary co-ordinator, Mathew Parks says, “All we have seen is the business rescue practitioner has retrenched over four and a half thousand post office workers, who have already been through a very difficult period. We’ve seen them closing about 200 branches, about 10% of the post office.”

“We see many post office branches simply abandoned to vandalism. So, we don’t know how this thing is really going to assist the post office, besides weakening it further, but also now, tragically, we’re finding post office workers being caught in the middle.” Parks adds, “There was a court agreement, a business rescue plan which said the government is going to give about R 3.8 billion, to help reposition the post office to pay its debts, to pay its salaries, moneys owed to workers. The first tranche of that money is meant to come through, has not come through.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 37. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Malatsi's reasons for withdrawing SABC Bill are vague: Cosatu - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Cosatu slams Communications Minister, Solly Malatsi's withdrawal of SABC Bill.
Source: SABC News Online - 🏆 32. / 51 Read more »