Denel must pay outstanding salaries of R90 million or face asset seizure

Solidarity blasted President Cyril Ramaphosa and his cabinet for their “smart talk about future plans” while workers at state entities almost starved.
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Hahahahahah. Wakanda baby... CR's lip service dream... selling pie in the sky ideas while the world is burning (aka 45% unemployment rate, shirking economy etc)

Yea ANC voters... you get what you vote for.
 
TelkomUseless said:
Hahahahahah. Wakanda baby... CR's lip service dream... selling pie in the sky ideas while the world is burning (aka 45% unemployment rate, shirking economy etc)

Yea ANC voters... you get what you vote for.
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But what about Solidarity members, who I doubt voted for ANC?
 
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Reactions: Swa
hj007 said:
But what about Solidarity members, who I doubt voted for ANC?
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ANC Cadres which sold Denel Secrets to Guptas. Now Denel is broke. Thanks to ANC. The message was for the ANC voters to keep voting for poverty..
 
Kodi said:
Shut it down. It serves zero purpose.
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It could have, and should have brought mountains of foreign cash into South Africa, but the feeding frenzy of the entitled ruling elite killed that goose.
 
Now the question is are these thieves going to try and steal other medical aid funds or pension funds?
 
R13... said:
www.news24.com

Denel pays employees R318m in back pay after years-long battle | Business

Denel announced on Thursday that it has paid R318 million in outstanding salaries after two years. The funds were raised from the surplus of a medical aid benefit trust for employees. The company now has in the region of R600 million for operational capital.
www.news24.com www.news24.com
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Board chairperson Gloria Serobe said that efforts to make use of the Denel Medical Benefit Trust, which had reached a 465% funding level, had been in the works for two years but had required court processes as well as the support of all parties, including pensioners, employees and the Department of Public Enterprises (DPE). The trust is a defined benefit scheme to fund obligations to employees who joined the fund before 2002.
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Serobe said:
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As a defined benefit plan, it made no sense why this trust was designed such that Denel, the sponsor company had no access to this large surplus, which as at April 2022 was as high as R1.472 billion and a 465% funding level.
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Cadre deployment also makes no sense when the cadres being deployed are greedy and stupid.

Here's a question for the dishonourable dumb and stupid bored (sic) chairperson:

Why would a trust fund, created for the express purpose of covering medical expenses of pensioners, need to allow cadre deployees to plunder the medical trust fund?

Clearly what has happened at Denel is that the cadres deployed by Pravin Gordhan in 2018 (to replace the cadres deployed by the Guptas in 2015), decided that it would be great to just not pay employees what they were owed for two years, effectively giving Denel an illegal and interest free "loan" for two years, whilst trying to get their grubby thieving hands on money in a pensioners' medical benefit trust fund that Denel had no claim to, and then using a third of the money paid out of the trust fund to repay the illegal interest free loan (in reality money stolen from employees).

Pravin's cadres are no better than the Gupta cadres and you can bet that Pravin's cadres will be back to asking for a bailout in the near future after using the remainder of the pensioners' money to pay themselves lekker bonuses for running the company into the ground.
 
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