The state-owned arms maker that received a R2bn bailout in 2019 warns it faces a cash crunch in the next six months
08 May 2020 - 05:10Denel, the state-owned arms maker that received a R2bn government bailout in 2019, has told its staff that it cannot pay their April pensions, taxes and unemployment insurance fund contributions due to cash-flow problems.
In a letter to staff, obtained by Business Day, Denel CEO Danie du Toit said the parastatal could run into a cash crunch in the next six months and paying salaries could become more difficult in future.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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