President Cyril Ramaphosa has defended the ANC’s long-held policy of a “mixed economy” for South Africa, one where there is a big role for the state. History suggests he’s wrong.
Consultants became the gatekeepers and controllers of billions of rand in spending at state-owned enterprises.
Former Denel chairman Daniel Mantsha played a critical role in helping to capture the company for the Guptas, according to the state capture commission.
State-owned defence firm Denel hopes to return to profitability within the next five years via a restructuring plan, but will still require significant cash injections to make it happen.
Eskom is expected to complete its unbundling into three divisions by December 2022, according to national treasury.
The government has eased the terms of a R576-million bailout given to state defence company Denel for the financial year that ends in March 2021, officials said.
State-owned defence company Denel has asked for R3.8-billion in government financial support over the next three fiscal years, national treasury said on Friday.
State-owned enterprises have requested billions of rand in funding from the government to help them weather the impact of the coronavirus crisis, a finance ministry presentation to parliament showed.
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.
The CEO of South Africa’s beleaguered state-owned defence firm, Denel, will step down on 15 August, the company said on Monday.