Denel CEO resigns with immediate effect

The CEO of state-owned arms manufacturer, Denel, has resigned with immediate effect. Zwelakhe Ntshepe’s resignation comes as Public Enterprises Minister, Pravin Gordhan beats a hasty trail through the cash-strapped and beleaguered public enterprises. It’s the second resignation of a top member in recent months…Denel’s board chair Daniel Mantsha resigned in March. He’s been implicated in allegations of state capture at Denel‚ and his tenure has been marked by financial troubles at the state-owned entity. Last year‚ the Organisation for Undoing Tax Abuse, Outa, laid charges of corruption against Mantsha for his role in the Denel Asia project‚ an ill-fated joint venture between Denel and Gupta-owned companies to supply arms to the Asian market.

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