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eNCA reports that state-owned arms manufacturer Denel faces a legal bid to have it liquidated. SAAB Grintek Defence has approached the High Court in Pretoria for the winding up of the company.
It says Denel’s affairs should be handed over to a liquidator to allow its creditors to file claims according to the Insolvency Act. The matter at issue relates to a contract for SAAB to produce 211 Fire Control Computers for the Badger Infantry Combat Vehicles. The deal is known as the Hoefyster Agreement. In terms of the contract, Denel was supposed to have supplied SAAB with specific equipment to fulfill its side of the deal. However, that did not happen.
- Read the original of the short report in the above regard and view a video clip by Barry Bateman at eNCA
- Read too, Saab Grintek vra likwidasie van Denel, at Maroela Media
Get other news reports at the SA Labour News home page