Due to legislative constraints the Treasury cannot bail out arms maker before January 2021
State-owned weapons manufacturer Denel, which has not paid full salaries since May, has been reorganised swiftly by interim CEO Talib Sadik to enable more than half of its divisions to pay its employees for August.
Sadik, a former CEO of Denel who was a nonexecutive member of the board, was appointed on August 1 after the departure of Danie du Toit, who spent only two years in the position.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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