The bonds of Denel have been suspended from the JSE, because the state-owned defence technology company has not yet submitted its results for the 2021 financial year.
Investigations into Denel corruption and wrongdoing slowly progressing
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South Africa: When Strong Institutions and Massive Inequalities Collide
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The Past Week in Defence #43 (1 March - 7 March 2021)
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Written by Guy Martin -
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The Special Investigation Unit (SIU) is looking at recovering some of the funds paid by Denel to VR Laser Services following the irregular awarding of contracts to the company.
The SIU on 3 March gave a presentation to the Standing Committee on Public Accounts (SCOPA) on its investigation into Denel.
Denel’s relationship with steel cutting and armoured vehicle fabrication specialists VR Laser Services, and the subsequent establishment of Denel Asia with VR Laser, is one of the most controversial and damaging to Denel. “It was one of the Gupta companies that was involved in Denel at the time,” SIU lead investigator Zodwa Xesibe told SCOPA.