The Companies and Intellectual Property Commission (CIPC) has issued a notice to the SABC asking the broadcaster to explain why it should not be assumed that their reckless business is insolvent.
According to reports, the SABC’s liabilities exceed the assets by R1,8 billion and short-term liabilities can no longer be met.
The notice may mean that the SABC is placed under business rescue or even closed if CIPC is not satisfied with a broadcaster’s report.
The pride of the old SABC has turned into one of the biggest embarrassments for the country’s image outside.
By: Die Vryburger
This report does not necessarily reflect the opinion of SA- news.