‘SABC insolvent and unable to pay its debts’
THE SABC is bleeding money with the public broadcaster suffering another financial loss of R976 million, more than double last year’s loss.
This comes after the Auditor-General, Kimi Makwetu, said in the annual report with audited financial statements, tabled in Parliament yesterday, the SABC’s books are in a bad shape.
He said the SABC was insolvent and was unable to pay off its debts.
He gave the SABC an adverse audit opinion and said the corporation has not been managing its books well. The R976m financial loss comes after the SABC incurred a loss of R411m last year, another loss of R395m the year before and more than R500m loss in 2014.
“As at 31 March 2017, the entity was commercially insolvent because it was not able to pay its debt as and when they were due even though its assets exceeds its liabilities,” he said.