Thousands of post office workers fear ruin Sapo crumbles Judiciary in turmoil of 6 000 workers and to tap into support from the UIF’s Ters to pay staff over the next 12 months.Rhodes Business School director associate prof Owen Skae said that even if the relief was obtained, it would be temporary.
Skae said should the Ters relief not be forthcoming by the end of May, all retrenchment letters that have been withdrawn would be reinstated and any amounts payable by the Sapo would be paid subject to the availability of cash. “Government forcing it into business rescue to keep the creditors at bay while not giving the business rescue practitioners any leeway to make the tough decisions is disingenuous,” he said.
“The government took another view, and five years later Sapo is on its knees with no resolution in sight unless it is recapitalised using taxpayer money,” he said. Political analyst Khanya Vilakazi said the downfall of Sapo lay in the fact that e-mails were now preferred over letters.
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