Cash-strapped Denel gets R1.8bn bailout from Treasury | IOL News

State arms manufacturer Denel has been given a bailout of R1.8 billion by the government following months of struggling and not paying workers on time.Finance Minister Tito Mboweni has been saying no entity would be given bailouts without tough conditions.

Denel chief executive Danie du Toit said on Friday the bailout would form part of the funds they would use to pay salaries. He said they wanted R2.8bn but National Treasury would give them R1.8bn this financial year. Another R1bn would be transferred next year. Denel had said about two months ago it has a multi-billion order book and would use the bailout to focus on its projects.It said once the funds come through they would ensure the business intensifies its order book pipeline.Political Bureau

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