Denel's CFO fired for irregular expenditure as financial crisis hits company

South African state-owned weapons manufacturer Denel has fired its chief financial officer Odwa Mhlwana after he was found guilty of all disciplinary charges relating to irregular expenditure, the firm said on Friday.

The firm appointed Wim de Klerk, former chief executive of ArcelorMittal South Africa as acting CFO, adding that a formal process to recruit a permanent CFO will commence soon.