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The suspensions leave Denel’s finance operations rudderless at a time when the state-owned arms manufacturer is trying to rebuild its financial affairs after being the key site of State Capture corruption.
Denel's acting CEO Mike Kgobe said they had managed to stabilise the work force by tapping into medical benefit trust funds that unlocked cash to pay salaries.
The company posted a loss of R1.5 billion in 2020, the same year it last tabled an annual report
Denel has had seven chief executives since 2015, and several finance directors. The current board of directors has just six members.
For the first time since 2016/17, arms manufacturer Denel has posted a profit before interest and tax of R390 million in the financial year ending March 31 2023.