Wow. How do you flush R411 million down the toilet in just one year? Easy, as the bosses of the South African Broadcorping Castration (SABC)! They seem to be the experts.
The state broadcaster has recorded a net loss of R411 million in the 2015/16 financial year, a net asset position of R2.7 billion and cash balance of R881 million, as presented in a parliamentary report.
The acting CEO James Aguma (they don’t seem to have permanent bosses at this sinking ship -Ed) says the loss is due to many factors, including less than 3% government funding and growth in post-retirement service costs.
Eyewitness News reports that at the same time this news broke, Communications Minister Faith Muthambi was nowhere to be seen in South Africa’s boxing ring (oops, they wrote “Parliament”).
Muthambi was meant to brief the portfolio committee on communications on the SABC’s finances but the faltering minister sent an apology for being absent from Tuesday morning’s meeting because of “a prior engagement”, which was in fact a date with President Jacob Zuma to go to an event in Soshanguve.