The Road Accident Fund has been on the verge of financial collapse for years and currently sitting on a debt of R70 billion. In 2018, Auditor General Kimi Makwetu warned parliament that the state owned entity faced financial collapse.
The Road The Fund owes victims of accidents more than 17 billion rands, with some waiting 5 years to be compensated; faces many litigations, applications to have its assets attached, and now it has approached the courts to grant it an extension of 180 days to pay its debts.
Will the fund be able to meet its obligations and pay all the claims against it? Can the Road Accident Fund continue to serve the needs of South Africa’s accident victims and how will the fund get its house in order? The newly appointed CEO certainly has his work cut out for him. Collins Letsoalo joins me now.
Bongani speaks to Collins Letsoalo, Road Accident Fund Chief Executive.