A Denel company logo is seen at the entrance of their business divisions in Pretoria. Picture: REUTERS/Siphiwe Sibeko
In June, the company said it could only pay 85% of salaries for June due to cash-flow problems. Soon after the public enterprise minister Pravin Gordhan announced that a lender had come to the arms manufacturer's assistance and full salaries were paid. Denel is one of several state-owned enterprises mired in allegations of corruption and state capture and has found itself in a deep financial crisis, needing a government guarantee to enable it to pay salaries and suppliers.The company on Monday said group CEO Danie du Toit had indicated to employees that Denel was in constant talks with the banks to secure bridging finance to support it.
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