TIME was critical in the competitive global arms market, and delays such as in the Treasury’s consideration of Denel’s joint venture with VR Laser Asia put state-owned companies at a disadvantage, Department of Public Enterprises director-general Mogokare Seleke said in Parliament on Wednesday. It has been nearly a year since Denel submitted an application for approval for the deal to the Department of Public Enterprises and the Treasury and, while the former has given the green light, the Treasury has not, citing reservations. Until the reservations are resolved, the operation of the joint venture has been frozen by Public Enterprises Minister Lynne Brown. Seleke said Brown had requested an urgent meeting with Finance Minister Pravin Gordhan to settle the matter. Seleke appeared before Parliament’s two public enterprises committees with Denel chairman Daniel Mantsha, acting group CEO Zwelakhe Ntshepe and acting group chief financial officer Odwa Mhlwana. Neither Gordhan nor other T...
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