JOHANNESBURG - Dark clouds are gathering over the South African Post Office.
Concerns are mounting that the country’s oldest state-owned company could be headed for liquidation.
Communications Minister Solly Malatsi said the Post Office’s rescue plan hinged on over R6 billion in state funding.
READ: R3.8bn needed for SA Post Office turnaround plan
While R2.4 billion was allocated, the remaining R3.8 billion from Treasury has not materialised due to fiscal constraints.
Despite branch closures and thousands of job cuts, the Post Office remains in the red.
Government has injected another R150 million to keep operations afloat, while plans for public-private partnerships are being explored to secure its future.