Today's Labour News

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DenelANA reports that trade union Solidarity has requested Public Enterprises Minister Lynne Brown to urgently suspend Denel’s top officials to prevent hundreds of possible job losses.  

In the run-up to Denel’s board meeting on 22 February, at which the group’s management would be submitting its proposed restructuring plan, Solidarity sent an urgent letter to Brown.  Solidarity’s Deon Reyneke said on Sunday that Brown should suspend group CEO Zwelakhe Ntshepe, group CFO Odwa Mhlwana, and board chairman Daniel Mantsha, pending a probe into various allegations of financial mismanagement against them.  It has been estimated that between 600 and 700 employers could lose their jobs should the restructuring go ahead.  Ntshepe, Mhlwana, and Mantsha face “various incriminating allegations, including allegations of misrepresentation of financial information and financial mismanagement leading to a loss of around R600 million.  Moreover, the board granted performance bonuses of more than R8 million to its executive committee, having earlier increased the number of its members at a cost of between R16 and R33 million,” Reyneke pointed out.  Criminal charges have already been laid against Ntshepe and Mhlwana after they had instructed, at the end of last year, that workers’ 13th cheques, which form part of their cost package, be withheld.

  • Read this report in full at The Citizen
  • Read too, Bankrupt Independent Development Trust (IDT) set to hire and fire to stay afloat, at City Press

Get other news reports at the SA Labour News home page