DEFENCE
State-owned defence industrial group Denel on Wednesday, with the release of its yearly results, stated that its operating loss of R1.7-billion for the 2017/18 financial year clearly shows a business that has had a difficult year, marked by lapses in governance, mismanagement and poor contract execution that resulted in severe liquidity challenges.
The operating loss has been further compounded by R500-million in irregular expenditure and a disclaimer audit opinion by the Auditor-General which is of “grave concern” to Denel.
Please enter the email address that you used to subscribe to Research Channel. Your password will be sent to this address.
Don't have any login details?
Free Trial Access