Denel practically broke - Employees fear they won't get December salaries

Denel practically broke - Employees fear they won't get December salaries

- SA arms manufacturer Denel is in a frantic financial predicament

- Employees of the state-owned enterprise fears they will not receive their salaries or bonuses this December

- Almost 25 000 employees are at risk of losing their jobs if Denel doesn't recover from its financial problems

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South Africa's arms manufacturer Denel is in a serious financial predicament.

The state-owned enterprise is having a hard time making profits after allegations of nepotism and corruption shook it almost to its knees.

The South African reports that Denel employees now fear that they could lose their jobs or go without their salaries and bonuses if they don't get retrenched.

Almost 25 000 employees are at risk of losing their jobs.

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The government recently announced massive budget cuts to SANDF's budget as well, adding to the financial stress for Denel.

SANDF (South African National Defence Force) cannot buy new weapons and military technology from Denel, severely impacting finances.

Although it would make sense to sell products to other countries, many armed forces do not use the goods Denel manufactures.

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Source: Briefly.co.za

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