The Department of Trade and Industry has conceded that German company, Ferrostaal, had only invested 63 million Euro, or around 628-million rand, in arms offsets, as required by the multi-bilion rand arms deal.
Under the arms agreement, Ferrostaal was expected to invest around 3-billion Euro or nearly 30-billion rand in South African investments in exchange for supplying submarines to South Africa.
DA MP, David Maynier says details of Ferrostaal's offset investments were revealed to a parliamentary committee on Friday.
He says Minister Rob Davies and DTI officials appeared before the committee to deal with questions raised as a result of a leaked internal audit document, produced by an international law firm, which investigated "questionable and improper payment" made by Ferrostaal.
