Denel is still dealing with the repercussions of the era that has just passed, said public enterprises deputy director general Kgathatso Tlhakudi.The current board at the embattled state armaments company Denel is"having to deal with the repercussions of the era that has just passed".
This according to public enterprises deputy director general Kgathatso Tlhakudi who, while testifying at the state capture inquiry on Monday, described the rise and fall of the state-owned company. "From 1999, Denel was showing some recovery. Prior to 1994, the turnover was very strong, informed by our country spending a lot of money on arms to protect the regime. In the new dispensation, there was no need to spend that kind of money on arms," he told the commission.
"In the mid 2000s, Denel started to restructure itself. It now started to become a little more focused. The business started to recover ... was making profits. Around 2010 things started to look up … By 2016, Denel hit a R8.2bn turnover. The momentum had carried through from the hard work of the board that had come before. In 2017, things started to unravel.
He said he was expected to rubber-stamp a list of prospective board members that arrived from Brown's ministry which included the names of state capture-implicated Thamsanqa Msomi and Daniel Mantsha.
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Rise and fall of Denel under scrutiny at state capture inquiryThe current board at the embattled state armaments company Denel is 'having to deal with the repercussions of the era that has just passed'.
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