Denel lost about R25bn in turnaround programme – inquiry told
Denel’s former chairperson Martie Janse van Rensburg said things started to change when Minister Lynne Brown overhauled the board in 2015.
JOHANNESBURG - Denel’s former chairperson Martie Janse van Rensburg says the company would have been financially healthy had it received the capitalisation it needed from government.
Janse van Rensburg told the Zondo Commission that Denel lost about R25 billion from 2000 to 2010 while it was implementing a turnaround programme.
On Monday, deputy director-general at the Public Enterprises Department Kgathatso Tlhakudi testified that the appointment of 2015 board, chaired by Daniel Mantsha, marked the company's decline financially and governance.
Mantsha resigned in 2018 after corruption allegations surfaced and that he was linked to the Gupta family.
Janse van Rensburg said things started to change when former Public Enterprises Minister Lynne Brown overhauled the board in 2015.
“It started to turn into small profits from 2011 onwards, I need to note that Denel was still busy with its turnaround programmes, so we were looking at a turnaround programme until about 2018 to be able to realise the benefits of the strategy itself.”
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