Denel CFO, CEO and Group Company Secretary under investigation
Three of Denel's senior executives, CFO Fikile Mhlontlo, CEO Riaz Saloojee and group company secretary Elizabeth Africa have been placed on special leave while the company undertakes an internal investigation.
Denel, which operates in the military aerospace and landward defence environment, and which is currently the largest defence equipment manufacturer in South Africa, will be looking into several issues at the company, including recent acquisitions.
Mhlontlo was CFO South Africa's CFO of the Week in August, and was also nominated for the 2015 Awards. He has been instrumental in cost cutting, efficiency drives and improving financial ratios at the public enterprise, taking the defence technology conglomerate from a loss-making public enterprise into a successful, profit-making one. Read the interview with him here.
Public Enterprises Minister Lynne Brown, who put Denel's new board in place just two months ago, has yet to issue a response.