Denel finance boss on leave while 'serious' claims are probed
The new board has highlighted the lack of accountability by executive management to steer the company from its financial predicament
State-owned arms manufacturer Denel has placed its group chief financial officer, Odwa Mhlwana, on special leave pending a disciplinary process after serious claims of misconduct were made against him. However, the arms manufacturer refused to name the "serious allegations". Denel recently found itself in a financial crisis that led to the company being unable to pay its suppliers and staff salaries. Business Day understands that the new board, which was appointed in April as part of a clean-up at state-owned entities, has highlighted the lack of accountability by Denel’s executive management to steer the company from the predicament it was in. Mhlwana’s placement on special leave comes a little more than a month after group CEO Zwelakhe Ntshepe resigned following reports that he signed a questionable R1.1m bursary for former North West premier Supra Mahumapelo’s son. Ntshepe and former Denel board chairman Daniel Mantsha were implicated in allegations of state capture in a tranche ...