S. Africa's Denel Exits Venture With Gupta-Linked VR Laser Asia
A Denel Rooivalk helicopter manufactured by Denel.
Photographer: Gianluigi Guercia/AFP via Getty ImagesThis article is for subscribers only.
South Africa’s state-owned arms company Denel SOC Ltd. has exited a joint venture with VR Laser Asia, which has been linked to the Gupta family who announced the sale of their media companies and coal business this week.
Since its establishment in 2016, the joint venture hasn’t operated because of differences of opinion with South Africa’s National Treasury “at times based on perceptions and not fact,” Pam Malinda, a spokeswoman for Denel, said in an emailed statement at the release of its 2017 financial results on Friday.