Bankrupt RAF seeks claims payout extension, admits business model unsustainable
Business Insider is reporting that the Road Accident Fund (RAF) has doubled the amount South Africans can claim for loss of income per year if they were involved in a motor accident.
The state-owned entity has over R17 billion in unpaid claims.
Joanne Joseph speaks to Business Insider journalist James de Villiers.
The Rod Accident Fund is currently bankrupt at the moment, it is unable to pay its debtors so it is in a dire situation.James de Villiers, Journalist - Business Insider
The Road Accident Fund has asked the court in its latest bid that it be given 180 days to pay out claimants but yet again there are claimants who have been waiting for five years to get their money.James de Villiers, Journalist - Business Insider
They admitted that the current business model is unsustainable.James de Villiers, Journalist - Business Insider
Listen to the full interview below...
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