'SABC is technically insolvent'
The Chief Financial Officer at the South African Broadcasting Corporation (SABC) Yolande van Biljon has told MPs that the public broadcaster is technically bankrupt.
The SABC board appeared before the public enterprises and communication committee on Tuesday to discuss the broadcaster's financial woes.
Van Biljon reported that the broadcaster ended the 2018/19 financial year with an unaudited loss of R483 million.
"We are also under tremendous strain of being factually insolvent as a result of our liquidity issues, cash is depleted.
"A number of reasons for the loss are a combination of cost saving, cash conservation, amongst others and of course reduced revenue,” she explained.
Van Biljon did point out that it is a 33% improvement on the previous financial year.
The only time the SABC was profitable over the past decade was 2012, 2013 and 2014.
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