Denel ends controversial Asia joint venture

South Africa's State-owned Denel defence industrial group has exited the Denel Asia joint venture (JV) company. This was announced on by Denel acting Group CEO Zwelakhe Ntshepe, addressing the recent media briefing about the company's financial results, at the group's head office in Centurion, south of Pretoria. "Since its establishment, Denel Asia has not traded due to differences of opinion with National Treasury, which have been widely covered in the media, at times based on perceptions and not fact," he stated. "The Denel Asia JV became the focus of negative attention from the media to the detriment of the Denel brand, that is both locally and internationally."