Denel Asia's problems mount
Denel Asia's problems mounted on Monday after it emerged that it had not applied for a permit to the National Conventional Arms Control Committee (NCACC), Minister in the Presidency Jeff Radebe said
"The NCACC would appreciate any evidence or information relating to such an application as this would aid the committee to investigate the matter conclusively," Radebe said, according to a written reply to a parliamentary question.
The formation of a joint venture between Denel and President Jacob Zuma's son Duduzane and Rajesh Gupta's VR Laser was announced with much fanfare in January.
According to the partnership, the new company, Denel Asia, would be based in Hong Kong, with South Africa's defence manufacturing company Denel holding 49%.
However, according to the NCACC, no person may trade in conventional arms or render foreign military assistance unless that person is registered with the Chief Directorate Conventional Arms Control and is in possession of a permit authorised by the committee.
Public Enterprises Minister Lynne Brown has already said the partnership was in contravention of the Public Finance Management Act because Denel had allegedly failed to secure a Section 54 application which allows State-owned companies to launch partnerships and joint ventures.
The Gupta family and its business interests in South Africa have been watched closely lately after claims by a former MP Vygie Mentor and Deputy Finance Minister Mcebisi Jonas that they were offered ministerial posts by the family.
Duduzane Zuma and Gupta reportedly have a 21% stake in VR Laser through another company.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
