Sipho Mabena
Premium Journalist
2 minute read
21 Apr 2021
5:33 pm

 Denel executive and staff salaries cut amid cash crisis

Sipho Mabena

Denel has been crippled by financial woes, with the liquidity challenge seen as threatening the continued sustainability of the organisation.

Picture: Moneyweb

  State-owned aerospace and military technology company Denel has denied claims that its Land Systems (DLS) executives were getting full salaries in the wake of the division's financial woes. Also read: Denel on the verge of imploding “It is not true that executives are earning full salaries,” said spokesperson Pam Malinda on Wednesday. She also stressed that different divisions were responsible for their cash management and that while some divisions would be paying 100% salaries, some would be paid their wages in separate tranches. In a situation the embattled SOE attributed to poor revenue and a worsening liquidity situation, DLS this...