Denel fires CFO Odwa Mhlwana
Odwa Mhlwana was placed on special leave earlier this year following allegations of misconduct.
JOHANNESBURG - State-owned company Denel has fired Odwa Mhlwana with immediate effect as its chief financial officer after he was found guilty of all charges relating to irregular expenditure.
Mhlwana was placed on special leave earlier this year following allegations of misconduct.
JUST IN #Denel has fired it's Group CFO Odwa Mhlwana after a disciplinary hearing found him guilty of irregular expenditure. Wim de Klerk a former ArcelorMittal SA CEO takes over in an acting capacity until permanent replacement is appointed. BD— EWN Reporter (@ewnreporter) November 9, 2018
The company says it has appointed Wim van Niekerk, former ArcelorMittal South Aafrica CEO, as acting CFO and will begin the search for a permanent replacement as soon as possible.
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Spokesperson Vuyelwa Qinga said: “It forms part of what the board has been doing; trying to turn around the company, trying to build up our reputation. And we’re hoping that this is the final point with the business group and the CFO and we look forward to rebuilding the company.”
(Edited by Mihlali Ntsabo)