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The South African Broadcasting Corporation (SABC) is struggling to stay afloat, yet executives are still being paid millions.
Usually, when a company is struggling to make ends meet, salaries are often the first expenses closely examined and adjusted accordingly.
But not in the case of the public broadcaster. Make no mistake, the SABC is teetering on the brink of financial ruin.
The public broadcaster is in big trouble
The national broadcaster has recorded a loss of R622 million and is struggling to pay service providers. In an attempt to stave off imminent collapse, the government has agreed to loan the company R1.2 billion; another controversial bailout, for another embattled state-owned enterprise (SOE).
To put it mildly, South African taxpayers are tired of fitting the bill for SOE incompetence. The SABC, antiquated in its ways, with no sign of rejuvenation, is a textbook example of wasteful expenditure.
Worse still, is that executives at the helm of the rapidly sinking SABC ship are still being paid millions.
As reported by Business Tech, the SABC chairman, Bongumusa Makhathini, has confirmed that a strategy is due to be implemented to address ‘endemic levels of corruption and maladministration that have been prevalent at the SABC for many years’.
Commenting on a delusional scheme implemented by disgraced former Chief Operating Officer, Hlaudi Motsoeneng, Makhathini said:
“Self-inflicted actions like the arbitrary 90-10 decision continue to impact on the SABC’s revenue.”
Motsoeneng, almost single-handedly, managed to dismantle any semblance of prosperity within the broadcaster during his reign of terror, which was marred by allegations of corruption, nepotism, unfair dismissals and general mismanagement.
Yet, despite Motsoeneng’s dismal, the SABC still can’t manage to get back on its own two feet.
SABC: The big earners
The SABC recently released its annual report, in which it was required to reveal its annual employee remuneration figures.
In total, the group paid R45.5 million in salaries to its 40 senior managers. Remuneration for executives and board directors average R1.13 million per person.
Top of the cash pile is Nomsa Priscilla Philiso, the company’s CFO, who earns a handsome R3.2 million paycheck.
Bessie Lillian Tugwana, listed as a Group Executive, earns R3 million a year. Other Group Executives, earn between R2.5 million and R2.9 million annually.
At the bottom end of the executive pay scale are ordinary board members, who clear R1 million rand a year.Tags: Hlaudi Motsoeneng, News, SABC, State Owned Enterprises
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