South Africa's High Court ordered state arms maker Denel to hand over milli...
FILE PHOTO: A Denel company logo is seen at the entrance of their business divisions in Pretoria, South Africa, December 4, 2018. REUTERS/Siphiwe Sibeko
The Solidarity union sued Denel last month, accusing it of deducting tax and other payments from employees’ salaries then failing to hand the cash over to the South African Revenue Service and other bodies. The lawsuit came after Denel, a cornerstone of South Africa’s once-mighty defense industry, said it would not be able to pay employees their full salaries in June and asked the government for a 2.8 billion rand cash injection a week later.
Investors and credit rating agencies raised the alarm in July, when the government said it would give power utility Eskom 59 billion rand of additional financial support over the next two years, on top of an already-promised bailout of 230 billion rand spread over the next decade.
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