Denel seeks court’s thumbs-up for Gupta-linked joint venture Denel Asia
The Treasury has still not approved the establishment of a company with Gupta-linked VR Laser Asia
State arms manufacturer Denel wants the High Court in Pretoria to give its joint venture with Gupta-linked VR Laser Asia the thumbs up, despite the Treasury not giving it permission as required by the Public Finance Management Act. Denel CE Zwelakhe Ntshepe said the parastatal had on “numerous attempts” tried to work with the Treasury to explain the legal processes it followed in establishing the Denel Asia joint venture. “This matter remains unresolved and continues to unfairly cast doubt on Denel’s reputation and governance regime,” he said. Denel said it had lodged its application on Friday asking the high court to order that it did obtain approval to form the joint venture with VR Laser Asia, which resulted in Denel Asia being established. Finance Minister Pravin Gordhan and the Treasury were cited as respondents. The Treasury said it had learnt about the court application through the media on Friday. “We are still waiting to be served,” it said. Public Enterprises Minister Lynn...
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