Financially-embattled State-owned defence industrial group Denel issued, on Tuesday, a short statement regarding the threat of court action against it, aimed at forcing its liquidation. This action has been initiated in the high court in Pretoria by private-sector South African defence company Saab Grintek Defence, because of Denel’s failure to pay its debts. “Noteholders are referred to various press articles relating to an application by Saab Grintek Defence for the liquidation of the Company,” said Denel in its statement, released on the JSE’s Stock Exchange News Service. “In this regard, noteholders are advised that Denel is currently engaging with Saab Grintek Defence to reach an amicable outcome, and if need be, will engage its legal advisors to defend this matter.”
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