Jhb philharmonic in financial distress

2012-10-26 07:52
Johannesburg - The Johannesburg Philharmonic Orchestra is in financial distress and has started business rescue proceedings, it confirmed on Thursday.

Business rescue allows companies in financial distress to be rehabilitated under supervision and subject to a court order.

"The board of the JPO took a formal resolution to start business rescue proceedings," managing director Shadrack Bokaba said in a statement.

"The board and I are confident that this financial situation will turn around within the next three to six months."

It appeared unlikely that the orchestra would be able to pay its debts for the next six months, prompting the board resolution.

National Lottery

However, the JPO had a "reasonable" prospect of rescue.

Sikkie Kajee had been nominated as the JPO's business rescue practitioner, although the Companies and Intellectual Property Commission had to approve the appointment.

The business rescue practitioner must supervise the company during its rescue period.

The department of arts and culture was expected to provide funding, based on its undertakings.

The JPO had applied to the National Lottery for a 2012 funding allocation.

"Based on the historical commitment by the fund, it is anticipated that these funds will be approved and allocated during the course of the year," it said.

Fund-raising activities would increase and symphony concerts would continue this week and next week.

Comments

  • J.Stephen.Whiteley - 2012-10-26 08:50

    Scandalous, but only to be expected when the government does not fund this sort of organisation. Kathy

      kayley.segal - 2012-10-26 10:42

      They must learn to play soccer, poorly, and the money will come pouring in...

  • msophiasharp - 2012-10-26 09:18

    Look who is at the helm....

      marc.hugo.75 - 2012-10-26 12:26

      I think what he is implying is that one should pay attention to the MD and Financial Manager and see what they are up to. How kind of you to list them!! However, in actual fact, I don't think there has necessarily been any impropriety.

      bogdan.pashovski - 2012-10-30 16:46

      out of the whole bunch the ONLY people that make financial decisions & have the power to write cheques are the GM & the finance manager....!!!d rest are just staff who probably by know are also waiting for payment....

  • peteklat - 2012-10-26 10:01

    "If the whites in South Africa want an orchestra, let them support it themselves" (Yehudi Menuhin) What a stupid remark from a great violinist

      thea.vansteenderen - 2012-10-26 10:14

      Did he REALLY say that? Can you prove it?

      marc.hugo.75 - 2012-10-26 12:35

      I don't know that he ever said that!! He passed away away a good 10 years ago so it must have been a while ago. I know some absolutely wonderful black musicians who are really into the classics, so this sounds somewhat disingenuous!!

  • bogdan.pashovski - 2012-10-26 13:33

    HAHAHAHAHAHA,1 of the best parodies i've seen - Mr. S.B the director who ran d orchestra into the ground & sucked its finances dry...........is now organising to save it & he is looking for a resolution.....what a JOKE,as a 1st step he should resign,appologise & then be held accountable.instead of takin responsibility for the current crisis he now looks for a 3rd party to say..."oh well,there is a finacial crisis" - everyone knows this already Mr. S.B.at least if you are headin for HELL please don't drag d whole orchestra with you...

      bogdan.pashovski - 2012-10-26 16:54

      pity i can't see who disliked this comment - show ur face you rubish - i hope the same faith meets & greets your family too!!!

  • bogdan.pashovski - 2012-10-26 13:33

    HAHAHAHAHAHA,1 of the best parodies i've seen - Mr. S.B the director who ran d orchestra into the ground & sucked its finances dry...........is now organising to save it & he is looking for a resolution.....what a JOKE,as a 1st step he should resign,appologise & then be held accountable.instead of takin responsibility for the current crisis he now looks for a 3rd party to say..."oh well,there is a finacial crisis" - everyone knows this already Mr. S.B.at least if you are headin for HELL please don't drag d whole orchestra with you...

  • bogdan.pashovski - 2012-10-26 16:04

    there is as much excitment to save the orchestra as there are comments here.....:not much!!!my father who @ d age of 70 & crippled from a chronic gout (obviosely hasn't been able to retire) still hasn't been paid since March this year. Mr. S.B your actions are not only highly immoral but also criminal. Who does that to an old man (let alone a loyal member of the orchestra).i found him in tears a few days ago wondering how is he gona stich up the end of the month. The world is small & life is short Mr. S.B. if you don't find your nemesis here on earth,am sure he is eagerly awaitin for you on the other side...anyways,it reminds me of the story with the thin ice......its terrible when it cracks under you only to find some very angry & violent creature like myself

      marc.hugo.75 - 2012-10-26 16:42

      Bogdan, I glean from your comments that SB has, by all accounts, been pinching out of the till. If that is so, then I believe that kagiso.booi, trembling with righteous indignation earlier on, now has his answer.

  • ro.jhb.1 - 2012-10-26 16:46

    Like most things in the country if a ANC cadre doesnt benefit it will in all likelihood be allowed to die!

  • duettists - 2012-10-27 09:23

    I am very sorry to hear of this sad state of affairs. There are excellent musicians in the Johannesburg Philharmonic. It would be a tragedy if the orchestra cannot be saved and, in turn, the musicians have to leave the country to find positions abroad.

      bogdan.pashovski - 2012-10-30 13:14

      unfortunately someone like my dad is too old & cripled to look for jobs overseas,i am sure if he could he wouldn't think twice about leavin this country,however @ d moment he is in a sorry state to depend on this orchestra to pay him for the work done!!!

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