Denel appeals to defence department for help
Acting CEO Talib Sadik says the state-owned arms manufacturer remains severely cash-strapped and needs urgent help to ease its liquidity situation
State-owned arms manufacturer Denel remains severely cash-strapped and needs urgent help from the department of defence to ease its liquidity situation, acting CEO Talib Sadik told MPs on Wednesday.
The company was badly damaged by state capture during which dedicated project funds were misused, revenue dropped and Denel’s reputation in the international market suffered. While it has been in turnaround since 2018, it has not been able to trade its way out of trouble...