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Denel CEO pins faith on recovery plan

26 June 2019
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The rescue plan for state-owned South African defence manufacturer Denel will lead to “long-term sustainability”, CEO Danie du Toit insisted on 26 June.

His comments came a day after Denel revealed that a “liquidity crisis” means staff will only receive 85% of their June pay. However, Public Enterprises Minister Pravin Gordhan later told Parliament that a lender has come forward to extend funds for the remaining 15%.

“I am confident that [by] working together towards the long-term resolution of the current challenges we will ensure the long-term sustainability of our business,” du Toit said, adding that efforts are underway to strengthen market access, develop technology, enhance internal governance, and improve programme management.

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