Denel fires CFO
The struggling state arms firm fired its CFO for charges relating to irregular expenditure
State-owned weapons manufacturer Denel has fired its chief financial officer Odwa Mhlwana after he was found guilty of all disciplinary charges relating to irregular expenditure, the firm said on Friday. The firm appointed Wim de Klerk, former chief executive of ArcelorMittal South Africa as acting CFO, adding that a formal process to recruit a permanent CFO will commence soon. Mhlwana had been put on suspension in June while Denel conducted a probe into allegations of misconduct by him. Denel also said it had selected a new CEO, after the previous one resigned in May. "An announcement is expected to be made by mid December 2018 once Cabinet approves the appointment," it said in a statement. Reforming troubled state-owned entities such as Denel is a top priority for President Cyril Ramaphosa as he strives to put the sluggish economy back on a sustained growth trajectory. Ramaphosa oversaw the appointment of a new board at Denel, which produces military kit including armoured vehicle...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.