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Denel may never deliver on infantry vehicle project, Zondo inquiry hears

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Arms manufacturer Denel's Project Hoefyster has been plagued by an eight-year delay.
Arms manufacturer Denel's Project Hoefyster has been plagued by an eight-year delay.

After a wait that has passed the eight-year mark, state-owned arms manufacturer Denel may be too financially crippled to see its armoured vehicle manufacturing Project Hoefyster to its end without further state bailouts.

Denel has been in a financial crisis and has had to turn to the government for assistance as it battles to pay salaries and keep going. It reported a R1.7 billion loss for 2018-19 and received a R576 million bailout that will end in March 2021, as well as a R1.8 billion recapitalisation from National Treasury last year. 

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