SABC: How State Broadcaster Accumulated A R600-million Debt

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Looks like the newly appointed non-executive directors already have their hands full as the SABC continues to bleed money.

As deduced from a session in the Parliament on Tuesday, the state broadcaster now owes its creditors almost R600-million. This was revealed by the new board of the South African Broadcasting Corporation (SABC) and the public broadcaster’s acting executive managers during their first meeting with parliament’s portfolio committee on communications.

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While the new board is still searching for a new Group CEO‚ CFO as well as a COO, acting CEO Nomsa Philiso said the first quarter of the current financial year has not been a walk in the park‚ adding that things were tough for the struggling organisation and they are not out of the woods yet.

“It was a difficult quarter for the SABC and its performance. If you remember that’s when we hit the financial iceberg in terms of our crisis. As at the end of June we were owing our creditors R597-million which has subsequently grown over the months. But on the positive side we were still able to deliver programming and also to meet our mandate requirements‚” said Philiso.



Bongumusa Makhathini who is the chairperson of the SABC board‚ said the newly appointed non-executive directors are working hard towards appointing the right executives to take the organisation out of the mess it has landed in.

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“We as a board agreed that we are going to embark on an intense‚ very rigorous process to scrutinise the candidates that can lead the SABC to the next era. During our board meeting we agreed on key things that we need to drive. One of the critical things that we need to prioritise is to get the appointment of the group CEO‚ COO and CFO. That is important to stabilise the organisation.”

In the meantime, no decision has been taken, pending when the executives are appointed.