Troubled state-owned arms manufacturer Denel has done what Finance Minister Enoch Godongwana has been asking government-owned companies to do: it has helped itself before asking for a bailout. | politicsblahbla Fin24
Denel has been in a severe liquidity crisis for three years, such that it has been unable to pay full salaries to employees since May 2020.
On Thursday, board chairperson Gloria Serobe announced that R318 million in outstanding salaries had been fully paid, using a R992-million surplus from the company's medical benefit trust fund. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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All outstanding salaries for Denel employees now paid: company chairAll outstanding salaries owed to employees of Denel have now been fully paid, chairperson of the state-owned company Gloria Serobe said on Thursday.
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Denel employees to get full salaries after two yearsAll outstanding salaries have been fully paid to Denel employees who have not received a full salary in two years.
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All outstanding salaries for Denel employees now paid: company chairAll outstanding salaries owed to employees of Denel have now been fully paid, chairperson of the state-owned company Gloria Serobe said on Thursday.
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Denel finally pays employees salariesSome of the employees of the arms manufacturer have not been paid for more than two years
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Denel pays employees R318m in back pay after years-long battle | Fin24Denel announced on Thursday that it has paid R318 million in outstanding salaries after two years. The funds were raised from the surplus of a medical aid benefit trust for employees. The company now has in the region of R600 million for operational capital.
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Denel pays employees R318m in back pay after years-long battle | Fin24Denel announced on Thursday that it has paid R318 million in outstanding salaries after two years. The funds were raised from the surplus of a medical aid benefit trust for employees. The company now has in the region of R600 million for operational capital.
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