Denel’s spending hangover still hurts, chair Monhla Hlahla tells MPs
Hlahla says former executives spent advance payments made by customers for projects on operating costs such as salaries
The turnaround of state-owned arms manufacturer Denel remains in the balance as the full extent of the damage wrought by big-spending former executives and directors continues to come to light about two years later.
Denel has also been hit by the Covid-19 crisis, which stalled imports and exports, drying up revenue and leaving it once again unable to pay full salaries for May, with June and July also in doubt. In May, staff were paid on a sliding scale with the lowest paid full rates and executives paid only 20%...