Arms manufacturer Denel still needs R1,7-billion promised by the government to complete its turnaround, outgoing CEO Shaun Liebenberg said on Wednesday. ”When Denel reached technical insolvency in June 2005, the shareholder faced three options: to close Denel; to retain it on a subsidy basis; or to turn it into a commercially viable business,” Liebenberg said.
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/ 26 November 2007
Denel group chief executive Shaun Liebenberg will not renew his contract when it expires on May 31 next year, the company said on Monday. Liebenberg was appointed in 2005 to manage Denel’s turnaround. While the company posted a loss of R549,1-million for the financial year ended March 31 2007, gross profit rose to R754-million.
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/ 27 September 2007
Denel has sold 237ha of land adjacent to OR Tambo International Airport for R606-million to Airports Company South Africa (Acsa), the arms manufacturer said on Thursday. The sale formed part of a broader plan to re-focus Denel on its core business and to optimise its assets.
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/ 26 September 2007
Alec Erwin, the Minister of Public Enterprises, on Wednesday defended the performance bonus of the chief executive of the state-owned arms manufacturer Denel. Manie van Dyk of the Democratic Alliance asked in a parliamentary question on what basis Shaun Liebenberg received a R3,25-million bonus as part of his total package.