Embattled state arms manufacturer Denel has appointed Talib Sadik, who currently serves on its board of directors, as interim chief executive, the company said on Monday.
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The CEO of South Africa’s beleaguered state-owned defence firm, Denel, will step down on 15 August, the company said on Monday.
State-owned defence firm Denel said on Tuesday it could not pay salaries for May and wages for June and July were at risk, highlighting the gravity of its financial position.
State-owned arms manufacturer Denel has allocated resources and expertise to design and develop medical ventilators locally as South Africa’s coronavirus infections increased by 70 cases to 1 655.
Denel has received a loan to pay its staff their full salaries this month, according to public enterprises minister Pravin Gordhan, giving the company a short-term reprieve from a cash crisis.