Investment In Brief

Investment

*Job cuts are looming at South Africa’s SABC as the new board and CEO Solly Mokoetle strive to slash costs and reduce the bloated head count of nearly 4000 employees. And the public broadcaster is appealing to the Department of Communications and Parliament's communications committee to help it get the auditor-general to undertake a comprehensive forensic audit to clean up the rot in the organisation because it cannot pay for such an audit itself. They are necessary to reduce the wage bill, a requirement of the R1.47bn state guarantee as well as being a recommendation of the report handed to the new board by the interim board at the end of its term of office. The SABC's wage bill soared 15.3% in the 2008-09 financial year, mainly because of an increase in the head count. The corporation reported a loss of R910m in the year to the end of March last year.