Sadik takes up the reigns at a time when the state arms company is in the throes of a liquidity crisis and has failed to pay workers their salaries for three months now.
The cash crisis has the potential to sink Denel with work being postponed, customers losing confidence and orders being cancelled. The_ Business Day_ reported the company is vulnerable to being placed in business rescue by creditors which could spark a wider fiscal crisis.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Denel names Talib Sadik as acting CEOCEO Danie du Toit departed on Friday after less than two years in the post and amid a liquidity crisis
Read more »
Denel in race against time for fundingThe Treasury says there is no legal way for it to help the cash-strapped state-owned enterprise pay salaries
Read more »
Denel names Talib Sadik as acting CEOCEO Danie du Toit departed on Friday after less than two years in the post and amid a liquidity crisis
Read more »
Denel in race against time for fundingThe Treasury says there is no legal way for it to help the cash-strapped state-owned enterprise pay salaries
Read more »
Level 2 lockdown: DA and EFF slam Ramaphosa and govtLevel 2 lockdown: DA and EFF slam Ramaphosa and govt The easing of restrictions on the lockdown has been welcomed by some of the parties, but others said it was late as the economy was already struggling.
Read more »
Newcastle United in takeover talks with Singapore investors.NUFC has held talks with the Bellagraph Nova Group (BNG) group over a possible takeover bid, the Singapore-backed company said in a statement | IOLsport
Read more »