Fin24 reports that Denel has terminated the employment of its former Group Chief Financial Officer (GCFO) Odwa Mhlwana with immediate effect.  

This was after he was found guilty of all disciplinary charges relating to irregular expenditure and failing to act in the best interests of the company.  Mhlwana had been on special leave pending a disciplinary process into allegations of misconduct earlier this year.  In a statement on Friday, the state-owned arms manufacturer said it had appointed Wim de Klerk, former CEO of ArcelorMittal SA, as acting GCFO.  A formal process will commence to recruit a permanent GCFO.  Denel also gave an update on the recruitment process for a new Group Chief Executive Officer following the resignation of Zwelakhe Ntshepe in May this year.  The recruitment process has apparently been completed and a recommendation has been made to the Minister of Public Enterprises.  "An announcement is expected to be made by mid December 2018 once Cabinet approves the appointment," Denel indicated.

• Read the full original report by Marelise van der Merwe at Fin24

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