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Denel’s liquidity issues 'main priority' for interim board

On Monday, Public Enterprises Minister Pravin Gordhan announced the new board members who have been tasked with cleaning up the firm.

This undated file photo shows Denel interim board chairperson Monhla Hlahla. Picture: World Economic Forum/Flickr

JOHANNESBURG - Denel’s newly appointed interim board chairperson Monhla Hlahla says their main priority will be to address liquidity issues to the struggling state-owned company.

On Monday, Public Enterprises Minister Pravin Gordhan announced the new board members who have been tasked with cleaning up the firm.

Denel has experienced severe liquidity problems over the past year, which has occasionally threatened the payment of services and staff salaries.

Hlahla says the new board has been briefed by management on the liquidity challenges at Denel.

“What we know is that we’ll go month to month. Immediately upon our appointment, we had an AGM. We sat down and management gave us a broad feel of the nature of the liquidity challenges we’re dealing with.”

Gordhan says that tough decisions need to be made to turn the company into a profitable and independent institution.

“We’ve got to clean up our act, recognise that state capture was a serious factor, change the boards where appropriate, look at the financial dynamism at each institution and make sure people of integrity run these organisations.”

Additional reporting by Sifiso Zulu.

(Edited by Shimoney Regter)

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