Embattled state-owned arms manufacturer Denel, which is struggling to pay staff salaries, says it will defend a liquidation bid from Saab Grintek Defence if necessary, but will seek to resolve the payment dispute amicably.
Saab has made R126m in claims relating to a contract for the production of fire-control computers for vehicles. Denel, one of the many state-owned enterprises that have been embroiled in allegations of state capture, has been running at a loss for years, most recently reporting a loss of R1.9bn in the year to end-February.
It has also struggled to pay salaries, with the DA arguing that Denel should be put into business rescue.
Saudi Arabia wanted to buy shares in Denel because of the technological advances in weaponry Denel has. Saudi Arabia is the biggest buyer of military weapons in the whole world. Comrades in government declined because the deal was not going to personal profit them.
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