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Pretoria - South African taxpayers do not deserve having their money wasted on Denel, the Democratic Alliance (DA) said on Thursday.
Reacting to the announcement that the company posted a net loss of R549.1m for the financial year ending in March this year, DA spokesperson on public enterprises called Denel a cash guzzler.
"Denel's financial results released (on Wednesday) indicate that it has lost another R550m in taxpayers' funds, this brings the total losses for this state-owned enterprise to almost R3.9bn over the last four financial years," he said.
He said the losses could not been seen in isolation as Denel was also given R3.5bn in recapitalisation funds by government.
He also queried Armscor award of the R8.3bn to develop and produce the SA Army's new generation infantry combat vehicle to Denel.
"Potentially, the above instances represent almost R16bn in taxpayers' funds that could have remained in the fiscus, had Denel been disposed of timeously," van Dyk said.
-Sapa