As expected, the SABC's limelight-seeking enfant terrible acting chief operating officer (COO) Hlaudi Motsoeneng, who famously doesn't have matric, was front-and-centre at the press conference, saying "now is the time for SABC to work very hard".
The SABC, on the brink of financial collapse due to corruption and severe financial and administrative mismanagement in 2009 received an emergency R1,47 billion bailout from the South African government in the form of a government guaranteed loan from Nedbank to bring the struggling public broadcaster back from the brink of disaster.
At this afternoon's press conference the SABC said it repayed another R416 million, and had already paid R778 million of the loan capital back. The SABC still owes R230 million.
"We are really pleased with the performance of the organisation over the last two years," says dr. Ben Ngubane, the SABC chairperson.
"It is through the Turnaround strategy and different initiatives instituted internally, that we were able to start turning the organisation around and be able to pay back Nedbank."
The SABC's next installment on the outstanding loan is due in April 2014. The SABC is paying 8,23% interest on the loan.
Dr. Ben Ngubane said the SABC can pay the outstanding amount "in a short space of time". "However, we want to keep within our capital ratios which is around R500 million and we want to be able to a lot of other things, and not limit our options."
ALSO READ: SABC to advertise the position of chief operating officer (COO), currently help by the matricless Hlaudi Motsoeneng in an acting capacity, on Sunday.
