The South African Broadcasting Corporation (SABC) released its 2018/19 annual report recently which revealed that it made a loss of R482 million.
The state broadcaster also reported irregular expenditure of R336 million and an increase in fruitless and wasteful expenditure.
Things have become so bad at the SABC that it is technically insolvent, and is now struggling to honour payments to service providers and contractual obligations.
To try to save the state broadcaster, the government has provided it with a R2.1-billion bailout as part of a short-term turnaround plan.
The government added that an additional R1.1 billion will be transferred once the national broadcaster meets a number of preconditions as set by the National Treasury.
Management still making millions
The dire state of the SABC does not mean that its executives are paying the price. In fact, they are still receiving very high salaries.
SABC CEO Madoda Mxakwe received a total pay package of R3.9 million for 9 months’ work at the state broadcaster.
The SABC’s COO, Chris Maroleni, was paid R4.1 million over the past financial year, and former acting CEO Nomsa Philiso received R2.6 million.
The SABC’s top executives and its board’s total remuneration over the past year was R42.5 million.
The table below shows the pay packages of SABC executives over the past financial year.
|SABC Executive Director Remuneration|
|Person||Position||Months Worked||Total Pay Package||Monthly Pay|
|Dlamini TS||Acting CFO||3||R870,000||R290,000|
|Van Biljon Y||CFO||9||R2,339,000||R259,889|