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How the Gupta's hijacked arms manufacturer Denel

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State arms manufacturer Denel went from a financial position of hundreds of millions in profit, a mere seven years ago, to technically insolvent today. It can't pay staff and its electricity was recently disconnected by the Tshwane municipality for being R2.4m in arrears. What helped push this state-owned entity to the brink of collapse was the capturing of its board in 2015 by the Gupta enterprise, assisted to an extraordinary degree by former Public Enterprises Minister Malusi Gigaba and his successor Lynne Brown. Michael Appel provides a digestible summary of part II of Zondo's second report. Learn more about your ad choices. Visit megaphone.fm/adchoices

14 Feb 2022 5AM English South Africa Investing · Business News

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