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vr laserlatest news & developments
DAN MANTSHA

Denel’s R1.2bn loss from R6bn profit highlights dire state of state-owned companies

The second state capture report shows how the arms company went from a R35-billion order book to begging the treasury for cash to stay afloat

  • Khaya Koko
2 min read
Besides the loss of much-needed revenue for Denel, the cancellation could signal severe reputational harm as the company is eyeing R12-billion worth of work in the coming months. (Dean Hutton/Bloomberg via Getty Images)
ARMAMENTS

Bank guarantees foil Denel’s R4.5-bn Egypt contract

Loss of work is the last thing the beleaguered state enterprise needs

  • Sabelo Skiti
3 min read
Numsa, which has 146 members who had been employed by VR Laser until recently, wants the court to set aside the business rescue plan for VR Laser. (David Harrison/M&G)
BUSINESS RESCUE

Numsa heads to court to stop asset sale of Gupta-linked VR Laser

Numsa’s urgent application is against VR Laser Services, the two business rescue practitioners and other respondents

  • Carin Smith
4 min read
It has been reported that Mahumapelo put up a fight to keep his position. (Delwyn Verasamy/M&G)
DENEL

Denel bursary adds to Supra’s woes

Supra Mahumapelo came under fire in North West this week, as calls for his removal mounted over the Denel bursary

  • Thanduxolo Jika
1 min read
Business rescue pracitioners Kurt Knoop
BUSINESS RESCUE

Gupta firms are viable but …

The banks are fighting shy of the politically hot companies, putting business rescue in jeopardy

  • Staff Reporter
7 min read
Banks are under pressure from governments and entrepreneurs to play a more active role in supporting investment and industrialisation by directly lending to sectors driving growth and jobs.
GUPTA FAMILY

Standard bank denies business rescue for Gupta companies

Bank employee acting ‘out of mandate’ faces disciplinary procedures

  • Staff Reporter
2 min read
Pay up: Production halted at Gupta-linked VR Laser as workers picketed for their August wages.
BANK OF BARODA

Gupta firms sail close to the wind

With no access to banking, the family is heading into a financial storm. But it has a few lifeboats yet

  • Phillip De Wet
6 min read