SA Navy risks becoming ‘sitting duck’, leaving 3000 km coastline exposed – Kobus Marais
In an interview with BizNews, Kobus Marais stated that the failures of Armscor and Denel have contributed to the current state of the SA Navy.
In an interview with BizNews, Kobus Marais stated that the failures of Armscor and Denel have contributed to the current state of the SA Navy.
Read part II of RW Johnson’s in-depth analysis on the far-reaching impact that Chris Hani’s assassination had on the New South Africa.
This will enable government to begin rebuilding fiscal space and renew real spending growth in key areas to support the economy.
Denel has informed employees that their tax certificates are not ready for distribution and has also failed to comply with a court order to pay salaries.
State arms manufacturer Denel went from making hundreds of millions in profit a mere seven years ago, to being technically insolvent today. As an example, its electricity was recently disconnected by the Tshwane municipality for being R2.4m in arrears, and it hasn’t paid staff full salaries in two years.
The Zondo inquiry said Transnet gave irregular business worth more than R41bn ($2.7bn) to entities linked to the Gupta brothers.
Late yesterday afternoon, Judge Raymond Zondo handed over Part Two of the conclusions drawn from four years of public hearings on State Capture.
“Public enterprises minister Pravin Gordhan recently pointed out that Denel owed its employees some R500m in salaries.”
Denel is in a spiral of terminal decline yet there is no urgency or apparent strategy from the government to deal with the situation.
The business week in review: Taxpayers foot massive travel bill, Sygnia speaks on ASISA lobbyists; Zondo Commission.