Browsing: Denel

CEO of Denel to step down

The CEO of South Africa’s beleaguered state-owned defence firm, Denel, will step down on 15 August, the company said on Monday.

Denel can’t pay May salaries

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.

Disintegrating SOEs imperil South Africa’s finances

A meltdown at some of South Africa’s biggest state companies is intensifying, placing the nation’s finances at risk and frustrating President Cyril Ramaphosa’s efforts to attract new investment and resuscitate a moribund economy.

Broke Denel struggling to pay salaries

State-owned arms manufacturer Denel said it doesn’t have enough cash to pay its staff their full salaries this month, joining other government-owned companies clamouring for support in South Africa.

Jonas worried state firms being used politically

Deputy finance minister Mcebisi Jonas is “worried” about the impact of a perception that state institutions are being used to advance political agendas, saying the issue is a distraction to efforts to expand the economy. “Political behaviour does

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