The rooivalk attack helicopter manufactured by Denel.
Troubled state-owned arms manufacturer Denel has done what Finance Minister Enoch Godongwana has been asking government-owned companies to do: it has helped itself before asking for a bailout.
Denel has been in a severe liquidity crisis for three years, such that it has been unable to pay full salaries to employees since May 2020. On Thursday, board chairperson Gloria Serobe announced that R318 million in outstanding salaries had been fully paid, using a R992-million surplus from the company’s medical benefit trust fund.
READ | Denel pays employees R318m in back pay after years-long battle
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Denel has scrubbed up nicely – but will it catch Godongwana’s eye? & Latest News Update
Denel has scrubbed up nicely – but will it catch Godongwana’s eye? & More Live News
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