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BusinessLive reports that the SA Sports Confederation and Olympic Committee (Sascoc) paid salaries to its 24 staff members on Tuesday according to acting CEO Ravi Govender.
The body‚ under financial pressure for a few years‚ could not make the payments totalling nearly R1m in time for payday on Monday because of a cash-flow issue. Govender had told employees the organisation was waiting for a payment and promised them they would be paid by May 29 “or sooner”. Sascoc has increasingly been squeezed since the National Lotteries Commission redefined it as a national sports federation, which meant its funding cap was set at R5m a year, resulting in a revenue cut of R100m. Moreover, the government has not made all payments expected of it‚ such as covering the cost of sending a team to the 2019 African Games. Furthermore, Sascoc’s shares in Phumelela Gaming & Leisure, which were worth nearly R100m a few years ago‚ are all but worthless after the gaming company went into business rescue.
- Read the full original of the report in the above regard by David Isaacson at BusinessLive
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