Denel exits Denel Asia joint venture with Gupta-linked VR Laser
Denel acting CEO Zwelakhe Ntshepe continued to deny its partnership was with the Guptas
State arms maker Denel has announced it is cancelling its partnership with the Guptas. At its annual results briefing on Friday Denel said it was exiting Denel Asia, its 51% partnership with Gupta linked VR Laser Asia. It cited reputational damage “both locally and internationally” caused by “negative attention from the media”. It will also withdraw its high court proceedings to have the deal declared lawful, which was opposed by Treasury. Denel’s acting CEO, Zwelakhe Ntshepe, continued to deny its partnership was with the Guptas because VR Laser Asia is wholly owned by Salim Essa, a close Gupta associate, and not directly by the Gupta family. “We made a JV with a company, and the company in my understanding was not owned by the Gupta family,” he said. He declined to comment on evidence in the GuptaLeaks showing the Gupta family secretly controlled the joint venture. "We do not have those e-mails so we cannot comment on them." Leaked e-mails show the Saxonwold family would co...
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