Denel runs out of cash – No Christmas pay for staff

Denel runs out of cash – No Christmas pay for staff 13 Dec, 17, Source: HeliHub.com

After a meeting with Denel CEO Zwelakhe Ntshepe, CFO Odwa Mhlwana and trade unions, National Union of Metalworkers, Uasa and Solidarity, it has come to light that Denel does not have the funds to pay December salaries to its 4000 employees. The company has been experiencing extreme liquidity issues, so much so that South African President Jacob Zuma has had talks with Qatar Defence Minister Khalid bin Mohammed Al Attiyah about selling company stakes. Denel needs R350 million in order to pay suppliers and staff, but only have R60 million, reports Sunday Times.

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