S.Africa’s Denel board exits linked to lack of budget funds, official says

PUBLISHED: Wed, 03 Mar 2021 10:46:37 GMT

JOHANNESBURG, March 3 (Reuters) – A series of recent resignations from the board of directors of South Africa’s state-owned defence company Denel is linked to funding not being made available in the government’s 2021 budget, a senior official told Reuters on Wednesday.

“There were expectations from the board that there will be funding made available in the budget speech,” said Kgathatso Tlhakudi, director-general of the Department of Public Enterprises (DPE). “When that was not forthcoming they felt that they could not stay on.” (Reporting by Alexander Winning; editing by Olivia Kumwenda-Mtambo)

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.