The SABC has completely collapsed

Jamie McKane

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The SABC has completely collapsed

The SABC has been issued a notice by the Companies and Intellectual Property Commission (CIPC), asking the broadcaster to explain why it believes it is not trading recklessly under insolvent circumstances, according to a report by the City Press.

This notice stated that the SABC's liabilities exceed its assets by R1.8 billion, preventing the public broadcaster from settling its short-term obligations.
 

3WA

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Even if these damn SOEs get turned around and become profitable in 5 to 10 years, they’ll just be ripe for the next administration to loot.
 

Fuzzbox

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CLOSE this useless and irrelevant company called the SABC .
When you have salary bill of R3.1 Billion that exceeds income it is not rocket science.

The SABC has a staff complement of 3 380 employees, and makes use of 1 200 freelancers whose cost to the company came to just over R500 million, according to Maxakwe.

Employee costs come to R3.1 billion or 42 percent of the company's operational expenditure, according to figures submitted to the portfolio committee.


Will not be missed.
 
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dj2381

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I received a sms Friday telling me my TV licence is in arrears, if you had to ask me what shows are currently on I couldn't tell you even one, I can't wait for the day the doors are finally closed on them, but I suspect we will see a increase in licence fees shortly, still won't pay.
 

system32

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The report said the SABC will argue to the CIPC that it is trading with the understanding that Treasury TAXPAYERS will provide it with a bank guarantee for a loan for its turnaround plan.
...
The SABC’s turnaround plan will rely heavily on government TAXPAYER funding and security, and focus on rectifying the damage caused by corrupt contracts and irregular spending during the Hlaudi era.
FTFY

Shut it down already
 
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lexis

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Broadcasting in 576 pixels while the rest of the world streams at 1080 says it all.
 

Mampara

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Too much 3 grade local soapies, repeats, local soccer, Zulu dancing but majority paying customers are not catered for. They are way too overstaffed and overpaid but do you see any restructuring and retrenchments ? NO. So they can shut down ANC mouthpiece. These incompetents still can't go digital broadcasting after more than 5 years.
 

InfidelGastro

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Great, it's time to close that redundant SOE down for good but those directly involved in it's collapse should be brought to book. I doubt that will ever happen though because the colour of just is green and is made of paper by the government mint.
 

ghoti

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Great, it's time to close that redundant SOE down for good but those directly involved in it's collapse should be brought to book. I doubt that will ever happen though because the colour of just is green and is made of paper by the government mint.
 

Slegdehammer67

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This is almost reminiscent to a 'Looter/Shooter' game, in the video game world....except at the SABC the 'looting' is for real AND they keep on 'shooting' themselves in the foot....one day we'll be forced to go back to the table
 

CTPC

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No **** Sherlock ! If you (with collapsed IQ, appoint a collapsed brain owner as CEO what did you think is going to happen ? It will just implode on itself
 

SilverCode

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So why has CIPC not issued notices to SAA, Eskom, Edcon, etc. as well? :unsure:
This notice stated that the SABC’s liabilities exceed its assets by R1.8 billion
My guess would be that for the other SOE's their assets value outweighs their debt. ie. SAA can sell all its planes to cover its debt, Eskom can sell its power plants etc. But if the SABC sells everything it owns, it would still be in the red.
 

Lew Skannen

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This has been a move to force government into bailing out the SABC.

The SABC, much like the rest of the SOE's have the same clauses in place like Eskom and SAA. If these notices are filed, lenders can now make all their debt payable with immediate effect. Those lenders with cross clauses can also make their debt in other SOEs payable with immediate effect.

They cannot sell, they cannot liquidate, they cannot privatize. Government will have no other option but to bail the SABC out and very soon too.
 

JustAsk

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Too much 3 grade local soapies, repeats, local soccer, Zulu dancing but majority paying customers are not catered for.
I'm pretty sure you know this and just want to try to have your BS stick.

Most paying SABC customers are NOT white (which i'm sure you refering to), unless you think that the 1000's of tv's sold in this country by retailers are only to a very tiny working white demographic...even though black middle class are bigger. And those 3 grade local soapies and local soccer are watched by the majority, even on dstv. There's a monthly mybb article about it
THere's plenty to critize the SABC for without running around spreading BS. Public broadcasters all over the world focus on their local content, that's pretty much their job.
 
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