• Latest
Denel may wind down manufacturing for Airbus A400M

North West Portfolio committee given 48 hours to respond on Denel debacle

September 16, 2020
Basic Education to work with the Hawks in investigating Physics Paper 2 leak

Second Chance Matric Programme exams starts May/June

May 9, 2022
Scuffle broke out in Limpopo High Court, two prisoners shot dead in alleged escape attempt

Police investigating multiple murders in Khayelitsha

May 9, 2022
Minister Mbalula calls for the ban of scrap metal exports

Minister Mbalula calls for the ban of scrap metal exports

May 9, 2022
Gauteng online admission for Grade 1 and 8 opens on July 22

Gauteng online admission for Grade 1 and 8 opens on July 22

May 9, 2022
Phillip Dukashe resigns from Eskom Generation

Phillip Dukashe resigns from Eskom Generation

May 9, 2022
Document certification, no longer a requirement – DPSA

Document certification, no longer a requirement – DPSA

May 6, 2022
Minister Mbalula calls for the ban of scrap metal exports

World’s first hydrogen truck in SA

May 6, 2022
Chris Rock, stronger than Will Smith’s action at the Oscars

Chris Rock, stronger than Will Smith’s action at the Oscars

March 28, 2022
Nigerian banks suspend card withdrawals abroad

Nigerian banks suspend card withdrawals abroad

March 17, 2022
Rand unchanged against the US dollar

South Africa’s rand firm, focus on Fed meeting

March 17, 2022
SIU plans to recover more state funds

SIU plans to recover more state funds

March 17, 2022
SAP to back R413m to the Department of Water and Sanitation

SAP to back R413m to the Department of Water and Sanitation

March 16, 2022
  • About Us
  • Advertising
  • Contact
Monday, May 16, 2022
Townpress Newspaper
No Result
View All Result
  • Login
  • News
    Basic Education to work with the Hawks in investigating Physics Paper 2 leak

    Second Chance Matric Programme exams starts May/June

    Scuffle broke out in Limpopo High Court, two prisoners shot dead in alleged escape attempt

    Police investigating multiple murders in Khayelitsha

    Minister Mbalula calls for the ban of scrap metal exports

    Minister Mbalula calls for the ban of scrap metal exports

    Gauteng online admission for Grade 1 and 8 opens on July 22

    Gauteng online admission for Grade 1 and 8 opens on July 22

    Phillip Dukashe resigns from Eskom Generation

    Phillip Dukashe resigns from Eskom Generation

    Document certification, no longer a requirement – DPSA

    Document certification, no longer a requirement – DPSA

    Trending Tags

    • community
    • #freejacobzuma
    • africa
  • Africa
  • World
  • Opinions
  • Economies
  • Entertainment
  • Sport
  • People
  • Motoring
  • Videos
  • News
    Basic Education to work with the Hawks in investigating Physics Paper 2 leak

    Second Chance Matric Programme exams starts May/June

    Scuffle broke out in Limpopo High Court, two prisoners shot dead in alleged escape attempt

    Police investigating multiple murders in Khayelitsha

    Minister Mbalula calls for the ban of scrap metal exports

    Minister Mbalula calls for the ban of scrap metal exports

    Gauteng online admission for Grade 1 and 8 opens on July 22

    Gauteng online admission for Grade 1 and 8 opens on July 22

    Phillip Dukashe resigns from Eskom Generation

    Phillip Dukashe resigns from Eskom Generation

    Document certification, no longer a requirement – DPSA

    Document certification, no longer a requirement – DPSA

    Trending Tags

    • community
    • #freejacobzuma
    • africa
  • Africa
  • World
  • Opinions
  • Economies
  • Entertainment
  • Sport
  • People
  • Motoring
  • Videos
No Result
View All Result
Townpress. Newspaper
No Result
View All Result
Home General news General

North West Portfolio committee given 48 hours to respond on Denel debacle

Town Press by Town Press
September 16, 2020
in General
Reading Time: 2 mins read
0
Denel may wind down manufacturing for Airbus A400M
Share on FacebookShare on Twitter

The North West Portfolio Committee on Premier, Finance, and Co-operative Governance and Traditional Affairs (COGTA) has given the Office of the Premier 48 hours to provide it with a clear report on the Denel debacle.

The committee had summoned the Premier and the administrator to give feedback on the progress made since its last meeting, following the termination of the apprenticeships of 39 students at the State defence firm in January 2020.

READ ALSO

SANDF refutes claims it employs child soldiers

Republican Glenn Youngkin is Virginia’s new governor

The students want to complete their programme and be paid for their stipends.

The chairperson of the committee Aaron Motswana says, “We want them to put into writing within the next 48 hours an action plan that would indicate when they are anticipating to finalize their procurement processes.”

“To say then, if you have written to Iterllec Consulting and Bardled Cement, which we are told that they are two companies, that they’ve managed to agree with the Office of the Premier to continue with the training, put that in writing. And the second issue is with regards to the payment of stipends, it is not reflected on the document,” adds Motswana.

Denel not planning to seek further bailouts

Denel is not planning to seek new government equity injections despite a liquidity crunch aggravated by the coronavirus crisis, its interim chief executive told Reuters on Thursday.

Denel, which makes military equipment for South Africa’s armed forces and clients around the world, is one of several troubled state-owned companies in the country that have been kept afloat by government bailouts in recent years.

It has struggled to pay salaries this year amid export restrictions and declining revenue. Last week the government said Denel made an R1.7 billion ($100 million) loss in the 2019/20 financial year.

“At this stage, it is not in our plan,” Talib Sadik said in an interview when asked whether Denel would approach the government for further bailouts. “Our view is that we also need to fix our own house because what we have is a bit of moral hazard happening.”

Sadik became interim CEO this month after his predecessor Danie du Toit resigned, without giving reasons.

Du Toit had told Reuters in a July interview that Denel’s survival could be at stake if conditions attached to an earlier bailout – which was earmarked to pay down government-guaranteed debt – were not eased.

Denel received R1.8 billion from the state in 2019 and in this year’s budget was promised another R576 million, which it is receiving in installments.

Sadik said that although Denel was not asking for more money from taxpayers beyond what was promised in this year’s budget, it was talking to the Defence Ministry about a retainer to help it maintain some capabilities the government considers strategic.

Denel, which makes equipment ranging from armored vehicles to attack helicopters and missiles, does not need to enter a local form of bankruptcy protection called “business rescue” despite speculation in local media, he said.

State-owned airline South African Airways entered business rescue last year.

Sadik said Denel had started discussions with the Public Investment Corporation and other bondholders about rolling over more than R2.6 billion of debt maturing next month.

“In the past, we have successfully rolled over,” he said.

Executives are trying to reach a settlement with labour unions about salary payments owed to some staff and hope to conclude one or two equity partnerships by April next year as part of a turnaround strategy.

Facebook Comments

Previous Post

Three men to appear in Mpumalanga court in connection of Thandeka Mdeliswa’s murder

Next Post

Suzanne Daniels claims Gupta associate Salim Essa offered her R800m bribe

Related News

SANDF refutes claims it employs child soldiers
General

SANDF refutes claims it employs child soldiers

February 7, 2022
Republican Glenn Youngkin is Virginia’s new governor
General

Republican Glenn Youngkin is Virginia’s new governor

November 3, 2021
Vaal residents to use water sparingly as Dam levels decline
General

Vaal residents to use water sparingly as Dam levels decline

September 21, 2021
Next Post
Suzanne Daniels claims Gupta associate Salim Essa offered her R800m bribe

Suzanne Daniels claims Gupta associate Salim Essa offered her R800m bribe

Please login to join discussion
Currently Playing

Stolen tyres paraded as bargain deal online

Stolen tyres paraded as bargain deal online

Stolen tyres paraded as bargain deal online

Business
Watch Naledi Manyoni throw baby to safety #freejacobzuma

Watch Naledi Manyoni throw baby to safety #freejacobzuma

Community
IEC raises complaint with Bidvest-Lithotech over Indelible Ink

IEC raises complaint with Bidvest-Lithotech over Indelible Ink

Community
Mthethwa ‘absolutely horrified’ after Babes Wodumo assault video

Mthethwa ‘absolutely horrified’ after Babes Wodumo assault video

Community
Alph Lukau “raising the dead” is a fraud

Alph Lukau “raising the dead” is a fraud

Community
Moozlie says “its just a campaign” and no crash

Moozlie says “its just a campaign” and no crash

Community
Moozlie Mabena involved in a “live video” crash #Moozlie

Moozlie Mabena involved in a “live video” crash #Moozlie

Community

Police hunt suspects who shot dead Welkom man in parking lot

Community
First Human Clinical Trial of HIV Drug Gammora Offers Potential Cure

First Human Clinical Trial of HIV Drug Gammora Offers Potential Cure

General
Madonsela praises Zuma for new approach on Nkandla

Madonsela speaks on land expropriation without compensation

Community
De Lille vows to fight accusers all the way

De Lille likens DA battle to boxing match

Community
Kaizer fans rampage at Moses Mabhida is Shameful

Kaizer fans rampage at Moses Mabhida is Shameful

Community

POPULAR NEWS

Live mortars found in Eastern Cape dam

Live mortars found in Eastern Cape dam

October 14, 2019
Africa agrees to giant trade bloc, but Nigeria, South Africa sit it out

Africa agrees to giant trade bloc, but Nigeria, South Africa sit it out

March 21, 2018
Upskilling public servants to improve service delivery

Upskilling public servants to improve service delivery

October 17, 2017
Just In: Faith Nketsi allegedly prostituting ladies for cash

Just In: Faith Nketsi allegedly prostituting ladies for cash

May 19, 2018
Media 24 an Epitome of Poor Journalism – SAMWU

Media 24 an Epitome of Poor Journalism – SAMWU

May 16, 2018

EDITOR'S PICK

Giant diamond auction fails as Sierra Leone rejects offer

Giant diamond auction fails as Sierra Leone rejects offer

May 11, 2017
Firefighters deployed to battle Paarl Blaze

Firefighters deployed to battle Paarl Blaze

December 21, 2018
Enforced security yielding results at OR Tambo airport

Media Statement from the National Media Centre Corporate Communication South African Police Service

July 31, 2017
The world is your oyster, Minister Dlodlo tells youth

Take up entrepreneurship, create new jobs

June 24, 2017
Townpress Newspaper

At Town Press, we believe everyone who has a story to share, deserve to be heard. Town Press is a current affairs publication that encourages citizens' journalism, as a way to create access for communities to the media.

Follow us

.

  • Africa
  • AU
  • Business
  • Community
  • Coronavirus
  • Crime stats
  • Culture
  • Economies
  • Editor Picks
  • Education
  • Entertaiment
  • Events
  • Featured
  • Finance
  • General
  • General news
  • International
  • Lifestyle and Beauty
  • Markets
  • Media
  • Motoring
  • notices
  • Opinions
  • People
  • Pictures
  • Premium
  • Public Statement
  • Right now
  • Social Media
  • Sport
  • Technology
  • Tourism
  • UN
  • Weather
  • World

.

  • Second Chance Matric Programme exams starts May/June
  • Police investigating multiple murders in Khayelitsha
  • Minister Mbalula calls for the ban of scrap metal exports
  • Gauteng online admission for Grade 1 and 8 opens on July 22
  • Terms and conditions
  • Comments Policy
  • Cookie Policy (ZA)
  • Notices

© 2021 Townpress Newspaper, South Africa - Townpress logo & associated media rights are the intellectual property of Randworth,SA.

No Result
View All Result
  • News
  • Africa
  • World
  • Opinions
  • Economies
  • Entertainment
  • Sport
  • People
  • Motoring
  • Videos

© 2021 Townpress Newspaper, South Africa - Townpress logo & associated media rights are the intellectual property of Randworth,SA.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version