Carmen le Grange to turn Denel around

South Africa’s former pride of the nation’s defense firm, Denel, named Carmen le Grange, a private chartered accountant as new chief financial officer (CFO) to improve corporate governance and return it to profitability. Denel recorded a 1.76 billion rand loss  last year and is among several state-owned enterprises (SEO’s) relying on regular government bailouts. The state of this SEO became so dire that staff could not be paid. Denel’s chief executive officer, Danie du Toit, said it was expected that Le Grange would turn around the financial situation and restored…

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Denel – High Court victory for Solidarity

A High Court ruling that arms manufacturer Denel must fulfill its statutory obligations to its employees on an urgent basis, is a huge win for Solidarity. The embattled SEO (yes another one), Denel will now be compelled by the court to pay over the unemployment insurance and the taxes deducted from the employee’s salaries over several months. this had never been done. Solidarity’s urgent application came after the struggling arms manufacturer announced earlier that it was only able to pay a certain portion of its employees’ salaries for June and…

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Curator for state-owned entities

Finance Minister Tito Mboweni is making good on his promise that cash-strapped state-owned companies receiving bailouts from government would be placed under curatorship, announcing on Tuesday that chief restructuring officers would be appointed within 48 hours for Eskom, Denel, the South African Broadcasting Corporation (SABC) and South African Airways (SAA). Mboweni tabled a special appropriation bill in the National Assembly, making available R59-billion to Eskom over the next two years, but said that this would go hand in hand with a chief restructuring officer being appointed later in the day.…

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Denel cannot pay salaries in full

Solidarity serves demand: Denel to take legal action Solidarity  served a demand under section 165 of the Companies Act on Denel to take legal action against individuals who were responsible for, or who were party to the financial predicament the company finds itself in. This comes after various irregularities were brought to Denel’s attention in Solidarity’s Denel File provided to Denel in April 2018. This led to several dismissals at the institution. According to Solidarity’s Head of Legal Services, Anton van der Bijl, under this section of the Act Solidarity…

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