Post Office rescued from its financial troubles by Treasury bailout

Post Office rescued from its financial troubles by Treasury bailout

The South African Post Office no longer has any financial problems after Treasury has bailed it out. This is despite chief executive Mark Barnes' resignation. The Post Office is now focusing on reviving itself.

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The Treasury has come to the rescue of South Africa's Post Office (SAPO) with a bailout of more than R1 billion that sorted out all its financial problems.

Board member Charles Nwaila said:

"We have paid all our debt and if you look at the insolvency and liquidity lists, you will not find us because we now have a sound financial standing."

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The Post Office will now focus on reviving itself despite the resignation of chief executive Mark Barnes, The Citizen reports.

"We are now focused on our 2030 national development plan, which is about modernising the Post Office to be more competitive in the future."

Briefly.co.za gathered that group chief operating officer Lindiwe Kwele would be interim CEO until a permanent candidate is appointed.

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Source: Briefly.co.za

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