A month after the Sunday Independent reported that the SABC had run up a deficit of R500m, the Mail & Guardian reports that the deficit now stands at R700m. The Congress of South African Trade Unions (COSATU) is appalled, as this report, if correct, indicates that the public broadcaster has lost R200m in one month.
For the last three years the SABC has made a profit of R383m in 2006, R182.8m in 2007 and R111.3m in 2008. Yet in 2009 it is reported to have a huge R700m deficit. The public broadcaster has not indicated any financial crises in its annual report or at any press conferences.
COSATU has called upon the President to urgently sign the Broadcasting Amendment Bill, which gives parliament the right to remove the SABC Board.
To read the press release issued by COSATU, click here.