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‘Denel’s money used to bail out LMT Holdings

       ‘Denel’s money used to bail out LMT Holdings

‘Denel’s money used to bail out LMT Holdings
                                                         ‘Denel’s money used to bail out LMT Holdings

Pieter Knoetze told the commission that a choice was taken to help LMT Holdings to convey on its requests as the organization was confronting money related troubles.

The State Capture Commission has heard that Denel’s cash was utilized to rescue one of its providers, LMT Holdings, notwithstanding alerts from evaluators.

LMT Holdings got early installment for the gracefully of defensively covered vehicles to Denel.

Previous Denel Chief Financial Officer Pieter Knoetze told the Commission that a choice was taken to help LMT Holdings to convey on its requests as the organization was confronting money related troubles.

As per Knoetze, the supervisory group likewise took a choice to buy LMT shareholding to guarantee the organization’s endurance.

In any case, a report by KPMG cautioned against the choice to get a lion’s share stake in LMT.

“So Mr Knoetze, these worries that you recognize were placed into the KPMG due constancy report … sure they raise some alerts on your part as CFO and regardless, you suggested for endorsement,” proof pioneer Advocate Paul Kennedy questioned.

Acting Group Executive Supply Chain and Acquisition at Armscor, Sipho Mkwanazi and previous Denel bunch Chief Financial Officer, Fikile Mhlontlo, are likewise expected to affirm.

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