Financial woes at Sapo
The South African Post Office (Sapo) CEO Mark Barnes has warned MPs that the postal organization is facing an uncertain future. According to a report published by Business Day Live today (15 April), Barnes told MPs in a briefing to the portfolio committee on telecommunications and postal services that Sapo could face severe financial problems if it does not secure more funding.
Sapo received a cash injection from latest budget, but this was not enough to remove its considerable debts.
Barnes said Sapo was expected to make a loss of R1.2bn in the 2015-16 financial year, which would add to last year’s R1.5bn loss.
