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Go

Treasury says SABC, Sapo asked for financial support

It also revealed the Post Office had asked for R4.9 billion to help it through the COVID-19 pandemic.

FILE: The SABC headquarters in Auckland Park. Picture: SABC
FILE: The SABC headquarters in Auckland Park. Picture: SABC
| 185 days ago

JOHANNESBURG - National Treasury on Tuesday said the South African Broadcasting Corporation (SABC) was seeking R1.5 billion in financial support.

It also revealed the Post Office had asked for R4.9 billion to help it through the COVID-19 pandemic.

Treasury briefed Parliament on the latest at Denel as well, saying the state arms firm faced the risk of being placed under a form of bankruptcy protection called business rescue or even liquidation.

Denel has struggled to pay salaries this year amid a liquidity crisis aggravated by the pandemic. It is forecast to have had a negative equity position of R3.3 billion as of March this year.

_Additional reporting by Reuters. _

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