'They depict an organisation that is bankrupt technically, and I think my view is that it’s been bankrupt for some time, probably 18 months or so,' said Mark Barnes, CEO of the SA PostOffice. Moneyweb MoneywebSpecialReport
You can also listen to the podcast on Iono.fm here. RYK VAN NIEKERK: The Post Office is an essential institution in South Africa, but it is experiencing severe financial problems, like most state-controlled institutions. In fact, according to the latest annual report, it is bankrupt because its debt exceeds its assets by R4 billion.
grants and so on, which are in the interests of the people and in the interests of the fiscus. So you start saying to yourself, well what is the purpose of such a commercially irreplaceable infrastructure? Well, it’s definitely not just to deliver post.
Would new leadership make a difference? Can it save the Post Office? MARK BARNES: Not in the absence of a strategy agreed with the shareholder, which is government. You can’t be a state-owned entity and ‘sommer’ go and do whatever you like. I accept that the state has to retain a significant share, and the state has to have certain rights and obligations. But it’s an enabler, not a doer.
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