Johannesburg - State-owned arms maker Denel said on Thursday it would continue to talk with the Treasury over a business venture, which had not yet been approved by government.
Credit: INDEPENDENT MEDIA
File Photo: Dumisani Sibeko.Read:
Denel said last week that it had set up a joint venture called Denel Asia with VR Laser Asia.
However, the Treasury on Wednesday said the deal had not yet been approved.
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“Denel will continue to engage with National Treasury directly to ensure that any misunderstanding between Denel and the National Treasury about the Denel Asia joint venture is resolved amicably,” Denel said in a statement.
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State companies are required to obtain approval from relevant government departments, including the finance ministry, before making major financial transactions.
Reuters
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