‘SABC in­sol­vent and un­able to pay its debts’

Diamond Fields Advertiser - - NEWS - SIYABONGA MKHWANAZI STAFF WRITER

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.

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