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Reuters reports that state-owned weapons manufacturer Denel said on Thursday that two board members, including chair Monhla Hlahla, had resigned.
This came days after it announced that several other board members had stepped down. The company did not give a reason for the resignations, thereby deepening the crisis at Denel. The company depends on government bailouts and has faced liquidity problems. Denel’s fortunes have worsened during the Covid-19 pandemic and some of its trade unions took it to court after it failed to pay full salaries during some months last year. Hlahla, the former Airports Company SA CEO, was appointed in April 2018 to the Denel board. In a notice to the JSE last month Denel said Siphiwe Nyanda resigned and this was followed by the resignation of Kabelo Lehloenya. After Denel’s annual general meeting held on 29 January, Sibusiso Sibisi and Sue Rabkin also resigned last month. Denel, which makes military equipment for the armed forces and for export, said in an announcement on the JSE that a recruitment process for a new board chair was under way.
- Read the full original of the report in the above regard by Alexander Winning at BusinessLive
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