Public Enterprises Minister Pravin Gordhan says the South African government is committed to rebuilding Denel, the cash-strapped arms manufacturer that’s missed payments on its loans. The state-owned company had its bonds suspended by the Johannesburg Stock Exchange on Wednesday after delaying interest payments on two notes and capital redemption on one of them.
A judicial panel investigating government corruption, referred to as state capture in South Africa, said on Tuesday it found that poor-quality appointments made to Denel’s board, including by Gordhan’s predecessor Lynne Brown, led to the company’s demise. The so-called Zondo Commission recommended some board members appointed in 2015 be further investigated for possible contravention of the Public Finance and Management Act.
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