Citizen Reporter
Reporter
1 minute read
14 Jan 2021
3:55 pm

Post Office crisis worsens as CFO resigns three months into the job

Citizen Reporter

Last year, Treasury announced that it had bailed out the entity to the tune of R1.5 billion.

Picture: Michel Bega

The South African Post Office’s (Sapo’s) executive structures remain in shambles following the resignation of the entity’s chief financial officer (CFO) Khathutshelo Ramukumba.

The resignation was officially announced on Thursday in a short statement by Sapo.

“The board wishes to place it on record its appreciation for the sterling work that Mr Ramakumba was able to do during his tenure as CFO, and has conveyed its gratitude to him,” reads the statement.

It said the process for the recruitment of a permanent CFO for Sapo had already started.

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The entity has been failing to implement turnaround plans. Last year, Treasury announced that it had bailed out the entity to the tune of R1.5 billion.

Last year, Treasury announced that Sapo – which lost around R1 billion last year – had been expected to register a financial loss of around R177 million for 2020. It last made profit back in 2006.

In the North Gauteng High Court last year, it emerged during an urgent application brought by Post Office Retirement Fund that Sapo was struggling to pay pension funds contributions and employee risk benefits.

Compiled by Siyanda Ndlovu 

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