File: Denel has lost R1.8-billion in revenue this financial year.
CAPE TOWN - Denel has told Parliament it’s battling a weak balance sheet and high levels of debt.
The state arms manufacturer is also trying to clean up the mess left behind by state capture.
Its new board appeared before the Public Enterprises portfolio committee and promised to recover the R1-million bursary illegally awarded to Supra Mahumapelo’s son.
The Hawks are investigating how Oarabile Mahumapelo was awarded the flight school bursary, as it wasn’t awarded through the standard Denel bursary process.
As part of the Denel clean-up operation, the new board has also had to terminate all contracts it awarded to Gupta-owned VR Laser and closed the Denel Asia division.
Denel has lost R1.8-billion in revenue this financial year.