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.
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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.
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.
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.
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.
Finance minister Tito Mboweni said a discussion must begin on whether the government needs to retain control of all the assets it currently owns given the poor state of the national finances.