• CEO of Denel to step down

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    An indication outdoors Denel’s places of work in Pretoria. Picture: Siphiwe Sibeko, Reuters

    The CEO of South Africa’s beleaguered state-owned defence agency, Denel, will step down on 15 August, the corporate mentioned on Monday.

    Denel, which makes gear starting from armoured autos to assault helicopters and missiles, has struggled to pay worker salaries amid a liquidity disaster aggravated by the Covid-19 pandemic.

    The corporate didn’t say why CEO Danie du Toit was resigning and he declined to remark when contacted.

    In its assertion, Denel mentioned an interim CEO could be appointed shortly.

    One in all a number of state corporations being stored afloat with authorities bailouts, Denel acquired R1.8-billion from the state final 12 months.

    It was promised one other R576-million on this 12 months’s price range, however these funds are earmarked to assist clear debt and to date solely R72-million has been disbursed.

    In an interview with Reuters earlier this month, Du Toit mentioned Denel could not survive the subsequent few months until the federal government lets it use some promised bailout funds to generate revenues relatively than to repay debt.  — Reported by Joe Bavier and Alexander Successful, (c) 2020 Reuters