City confirms recovery of R290 million from Denel
11 December 2018
Today, I received notice that the R290 million loan owed to the City by Denel has been repaid in line with the loan repayment date of the 10th of December 2018.
This follows the lending of residents’ money to Denel, through Gupta linked Regiments Capital, via an unsecured loan made without the City’s knowledge and irrespective of the financial risk posed to residents’ money.
While the City welcomes the repayment of the loan, it is unfortunate that said repayment was made possible through a bailout funded by money acquired from hard working taxpayers. The bailout has come in the form of a guarantee of R3.43bn to Denel, which has been marred by allegations of state capture lead by the nefarious Gupta family.
Indeed, it is through the state capture project that the loan to Denel was made possible in the first place.