Finance Minister reiterates opposition to Denel Asia deal

Sunday, May 28, 2017

Pretoria - Finance Minister Malusi Gigaba has reiterated his opposition to the joint venture with VR Laser Asia, given Denel's fragile financial situation.

National Treasury on Friday said it has noted media statements attributed to Denel in relation to the Denel Asia transaction.

“National Treasury would like to place on record that Minister Malusi Gigaba held a meeting with the Denel chairperson, Daniel Mantshe, to discuss the Denel Asia joint venture,” said Treasury.

It said the Minister reiterated his opposition to the deal in the meeting and further invited Denel to withdraw its litigation against National Treasury.

“The position of the Minister of Finance has not changed in this regard. He remains opposed to the transaction for reasons stated elaborately in the National Treasury affidavit to court.

“The matter is currently before the courts and we would like to respect the process. We will, therefore, not be making any further comment until the matter has been finalised.

“We hope that the other parties will also respect the court process and refrain from misleading public comments,” said National Treasury. -


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