logo

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

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

Share

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


Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.