Denel defends VR Laser Asia venture in tense Parliamentary meeting
DENEL approached more than four potential partners before settling on VR Laser Asia as a partner for a joint venture to penetrate the Asian market, the state-owned arms manufacturer said in a written presentation submitted to Parliament on Wednesday.The key criteria in the partner selection was to avoid or minimise financial and reputational risk, the company said in its submission to Parliament’s two public enterprises committees.The debate among MPs became very heated, with portfolio committee chairman Dipuo Letsatsi-Dube threatening at one stage to call security when she could not bring the meeting to order.READ THIS: Denel fuels row with attack on TreasuryDenel chairman Daniel Mantsha, acting group CEO Zwelakhe Ntshepe and acting group chief financial officer Odwa Mhlwana were present and ready to give their side of the story in the ongoing saga of its joint venture with VR Laser Asia.The committees were hoping Treasury would attend the meeting. However, this was not to be and ...
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