Government intervenes to stop planned sale of STC assets

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Created on Thursday, 04 October 2012 00:00

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Government intervenes to stop planned sale of STC assets

03 October 2012

The government has acted on its promise to stop the sale of assets of State Transport Company (STC).

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Prudential Bank obtained a court order to sell the company’s property to settle a US$3.8 million loan.

Workers of the distressed company feared the worst could happen because government was not showing commitment to rescuing STC.

But Transport Minister, Collins Dauda has assured the planned sale of the company’s assets including the head office will not come off anymore.

“The auction will not come on,” he said, “because of the negations that took place between SSNIT and Prudential Bank. We have been successful with the negotiations [and] there have been some understanding.”

From: Joy Myjoyonline.com