South Africa—COVID-19 Pandemic Exacerbates Denel's Cash Problems

Business Day | 05/21/2020

South Africa's state-owned Denel defense firm says it will not pay salaries for May amid a cash crunch made worse by the novel coronavirus (COVID-19) pandemic, reports the Business Day (Johannesburg). The company faces a liquidity crisis and must take drastic measures to save the business, CEO Danie du Toit told the newspaper in a letter. Wages for June and July are also in jeopardy, he said, weeks after it was revealed that the company had missed the deadline to pay employee pensions...

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