Saturday, December 15, 2018
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Ramaphosa meets with state-owned companies

Cyril Ramaphosa.President Cyril Ramaphosa met with the CEOs of state-owned companies yesterday as Home Affairs Minister Malusi Gigaba distanced himself from dealings with the Gupta family, including those involving Denel.

The Presidency said Ramaphosa held brief discussions with Chief Executive Officers (CEOs) of a number of state-owned companies (SOCs), but did not specify which. The Presidency emphasised that in his February State of the Nation Address, Ramaphosa said government would intervene to stabilise and revitalise state-owned companies.

“Corporate governance challenges” were among the issues Ramaphosa has pledges to tackle at state-owned entities.

Meanwhile, Gigaba on 13 March told a parliamentary enquiry into Eskom that his halting the Denel Asia joint venture between Denel and Gupta-linked VR Laser Asia and the withdrawal of Denel’s case against Treasury for blocking the deal had resulted in positive perceptions of the economy and improvements in first quarter performance, with the rand strengthening. “As minister of finance, I did not give concurrence to the VR Laser proposal,” he said.

Gigaba said a new board will be appointed at Denel. This comes after Denel chairman Daniel Mantsha resigned two weeks ago. He was appointed by former Public Enterprises Minister Lynne Brown in July 2015.

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