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SOE Denel liquidation application by SAAB Grintek could have been avoided had the State acted in time

Despite UASA and FEDUSA’s committed efforts to save the desperate situation at state-owned weapons manufacturer Denel, SAAB Grintek Defence has now approached the high court in Pretoria to liquidate the company. 

 

Denel owes its workers R500 million in unpaid wages. UASA, through FEDUSA to which it is affiliated, requested that the ministerial management of the Department of Public Enterprises (DPE) consult other spheres of government, including Treasury, to provide the funding urgently required to ensure Denel SOE (Pty) Ltd could honour its creditor liabilities and continue trading. The urgency thereof was repeated in a recent interview televised by the SABC.

The liquidation bid from SAAB Grintek Defence, although warranted in terms of the current liquidity struggles suffered by Denel, could have been avoided had the State intervened in time as pleaded. UASA is aware of other creditors also demanding long outstanding payments from Denel.

We remain committed to assist our members through this new development. Should the liquidation of Denel PROVE TO be the result of SAAB Grintek’s court application or any other creditor that might now be prompted to approach the High Court, we will step in to assist our members with their claims against the SOE by nominating our preferred liquidator for consideration to ensure a fair process.

For further enquiries or to set up a personal interview,

contact Abigail Moyo at 065 170 0162.


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