The South African Broadcasting Corporation (SABC) has paid off its government guaranteed loan from Nedbank.
“The paying off of this loan is really exciting news for the organisation, as this will enable energies and monies to be re-focused on other areas such as content development,” says newly appointed chairwoman, Ellen Tshabalala.
“The Board would like to thank the management team, under the leadership of the GCEO Lulama Mokhobo, the acting COO, Hlaudi Motsoeneng and the acting chief financial officer Tian Olivier, in making sure that payments were fast-tracked to ensure that the loan was paid up before the stipulated deadline, as this was no easy feat.”
Tshabalala said the new board, confirmed by President Jacob Zuma last week, would “ensure that the SABC does not find itself in a similar situation”.
The original repayment date was 28 November 2014. The early repayment of the loan means the public broadcaster will save R45 209 350.45 in interest.
The original interest amount payable was R264 248 197.87 and the actual amount paid up to the end of September 2013 was R219 038 847.42.
The SABC received a R1 billion loan from Nedbank in November/December 2009, when the corporation was experiencing a cash flow problem. ‘