SABC receives R2.1 billion bail out

SABC News writes that Communications Minister Stella Ndabeni Abrahams has just announced that the SABC will be receiving R2.1 billion on Monday as part of the R3.2 billion bail out. Government had set stringent conditions before the money is released.

The conditions include that the Public Broadcaster submit a list of identified initiatives for revenue enhancement and cost-cutting initiatives, conduct a thorough investigation into the cause of its financial collapse, produce separate financial reporting for its public and commercial broadcasting services, and also identify non-core assets for sale. Briefing the media Ndabeni-Abrahams says the SABC has met most the conditions that were set out by government.

Releated

PIC having ‘fruitful’ talks with Mboweni over staff bonuses, MPs hear

Engineering News writes that the Public Investment Corporation (PIC) will table a revised remuneration policy at the next Annual General Meeting with the shareholder – Treasury – in November, members of Parliament heard. Executives of the investment corporation, including chairperson Reuel Khoza and acting CEO Vuyani Hako, on Tuesday briefed Parliament’s standing committee on finance on the 2018/19 […]