SABC says it's insolvent

SAfm — SABC CEO, Madoda Mxakwe, says the public broadcaster is technically insolvent and unable to fulfill its financial obligations. He was speaking on the financial state of the SABC at its headquarters in Auckland Park this afternoon. On Monday, the SABC notified staff that it intended to embark on the retrenchment of 981 permanent staff and not renew the contracts of 1200 freelancers. Mxakwe says freelancers cost the company over R500-million, while managers' and junior manager's wage bill costs the broadcaster over a billion rand.