Denel sev­ers links

Pretoria News Weekend - - NEWS -

STATE-owned arms man­u­fac­turer Denel an­nounced yes­ter­day that it has ended its in­volve­ment with the Gupta-linked VR Laser Asia.

Denel and VR Laser Asia had been in a joint-ven­ture in Asia, but Denel said it ex­ited the Asia jointven­ture fol­low­ing neg­a­tive at­ten­tion from the me­dia to the detri­ment of its brand, both lo­cally and in­ter­na­tion­ally.

“Denel con­ducted con­tin­u­ous assess­ments of the un­ten­able at­mos­phere caused by the es­tab­lish­ment of this JV and took a res­o­lu­tion to exit the Denel Asia JV and ex­plore al­ter­na­tive mar­ket­ing ap­proaches to ac­cess the Asia Pa­cific mar­ket,” Denel said.

“This there­fore brings us to a point where we can of­fi­cially re­port that Denel SOC has ended its in­volve­ment in the Denel Asia JV. We have ex­ited the JV.”

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