WEAPONS MARKET
Denel remains keen on expansion in ‘important’ Asia-Pacific
The state-owned arms manufacturer has submitted a formal application for approval for Denel Asia under the Public Finance Management Act
Asia-Pacific was important for Denel’s products despite Finance Minister Malusi Gigaba’s insistence that it dissolve Denel Asia, the state-owned arms manufacturer said in a statement issued on Tuesday. Denel Asia is a joint venture between Denel and VR Laser Asia, owned by Gupta family associate Salim Essa. During former finance minister Pravin Gordhan’s tenure at the Treasury, Denel had filed a high court application in a bid to have the joint venture approved. At the time of the application in March, Denel CE Zwelakhe Ntshepe said the parastatal had on "numerous attempts" tried to work with the Treasury to explain the legal processes that the company had followed in establishing the Denel Asia joint venture, but that the matter remained unresolved. Tuesday’s statement in response to queries made two weeks ago, said: "Denel still maintains that the Asia-Pacific region is an extremely important region for Denel to expand its business and find new markets for our world-class products...
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