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Denel tears into Gordhan, defends Guptas

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Cape Town - Denel has strongly criticised Finance Minister Pravin Gordhan and National Treasury's bid to halt its joint venture with Gupta-linked VR Laser Asia.

It said on Tuesday that threats of court action by the National Treasury amounts to "sheer opportunism and grandstanding".

Denel has been embroiled in controversy, following claims that it did not secure a Section 54 application of the Public Finance Management Act (PFMA), which allows state-owned companies to launch partnerships and joint ventures. It was reported that Denel formed the VR Laser Asia partnership in December, without Treasury’s permission as required by the PFMA.

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