Mboweni to announce CROs for state owned enterprises

Reading Time: < 1 minute

The Minister of Finance, Tito Mboweni, says Chief Restructuring Officers (CRO) for several State Owned Enterprises (SOE) will be announced soon and that government will work with management to ensure the entities get back on track.

The National Assembly has approved the Appropriation Bill which paves the way for cash-strapped SOEs to get financial injection.

Mboweni says government will be able to use reserve funds to assist the South African Broadcasting Corporation (SABC), Denel and South African Airways (SAA).

Mboweni tabled the bill in the National Assembly on Tuesday, which will see Eskom receiving nearly R60 billion.

Mboweni says with regards to the SABC, certain conditions will have to be met for the money to be given.

“We will not just make that available tomorrow. It will be a mistake, but we will released it in chunks as certain conditions are met to make sure that there’s progress in improving the organisation and similarly as of tomorrow, we will be announcing relevant Chief Restructuring Officers,” says Mboweni.

Watch a related video below: