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Denel fires CFO Odwa Mhlwana

Odwa Mhlwana was placed on special leave earlier this year following allegations of misconduct.

FILE: A YouTube screengrab of fired Denel CFO Odwa Mhlwana.

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.

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.

WATCH: Numsa marches to save Denel

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)

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