SABC running out of cash, says report

The SABC’s treasury has warned its management that the broadcaster would soon run out of cash unless it raised new funding urgently.

A confidential treasury risk committee report up to January 31 2017 paints a disastrous picture. Cash reserves plummeted to R174m in December — drastically down from more than R1bn in 2015. This is not enough to keep the broadcaster going.

It is understood that the report was presented to SABC executives in February. Despite this, acting CEO James Aguma told Parliament on February 28 that the SABC’s financial performance was “satisfactory”.

“Note: the liquidity requirement of SABC is R650m 
a month on average,” the report warns.

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