If any of the failing state-owned enterprises is worthy of a bailout and worth saving, it is arms manufacturer Denel. But if the state is to inject more capital into the failing business, it will have to do so soon, before the vicious cycle of its decline accelerates.          

Denel is at the heart of a military-industrial complex supporting a host of interconnected defence businesses which employ a total of about 11,000 people, including 2,400 by Denel itself...

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