South Africa: Media Statement - Public Enterprises Committee Expresses Concern On Governance and Finance Challenges

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The Portfolio Committee on Public Enterprises heard that the arms deal manufacturer Denel has an unaudited loss of R1.8bn for the 2019/20 financial year, due to a significant decline in revenue and poor programme management.

Denel briefed the committee on its funding and government challenges. The arms deal manufacturer informed the committee that equity is significantly below previous levels, at R4 billion. This is despite an equity injection of R1.8bn disbursed in financial year 2019/20. The company received R305m of the R576m allocated to Denel in the 2020/21 financial year Medium Term Expenditure Framework.

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