Denel chief opts to resign amid bursary claims
Zwelakhe Ntshepe’s resignation follows reports that he signed a questionable R1.1m bursary for Supra Mahumapelo’s son
Denel group CEO Zwelakhe Ntshepe has resigned after a six-month stint in which the utility’s financial and operating performance took a nosedive. The situation at Denel under his stewardship was so dire that the company could not pay its suppliers and staff salaries. The newly appointed interim board is said to have made it clear that it had lost confidence in his ability to manage the ailing state-owned arms manufacturer. Ntshepe and former Denel board chairman Daniel Mantsha were implicated in allegations of state capture in a tranche of leaked Gupta e-mails. Mantsha resigned from Denel in March. Ntshepe’s resignation comes a month after disclosures that Denel had given North West premier Supra Mahumapelo’s son a questionable R1.1m bursary to become a pilot. According to Rapport newspaper, Ntshepe personally signed the contract. Denel announced on Tuesday that Ntshepe had resigned, citing “personal” reasons. He did not respond to requests for comment. His resignation was with imme...
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