A view of a South African Post Office sign outside the Industria Post Office, 7 February 2020. Photo: The Citizen/Michel Bega
SA Express is the only state-owned entity that has been liquidated so far but looking at the update presentation of National Treasury to the standing committee on appropriations last week, other state-owned entities are not far from being in the same boat. The entities’ wage bill of R3.6 billion made up 70% of the total cost and it forecast a net loss for the year of R2.1 billion.
The Post Office has been in financial decline for a decade as it is struggling to address its structural challenges in a modern economy and National Treasury also points at the failures of the current and previous board to successfully implement turn around strategies. According to the presentation, the Land Bank is not doing much better, as it has been in default since 1 April 2020.
To date, it funds from the Denel Medical Benefit Trust disposal transaction amounting to R992 million as part of its turnaround plan.
Source: News Formal (newsformal.com)
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