Government halts planned auction of STC

The planned auction of the ailing State Transport Company (STC) has been halted by government.

The fate of Intercity STC was hanging in the balance as an ultimatum given by the workers for government’s rescue expired today.

Prudential Bank secured a court order to auction its offices today to defray a loan of 3.8 Million Dollars.

But the Transport Minister, Collins Dauda in an interview with XYZ News said because of the effective negations that took place between SSNIT and Prudential Bank the auction will not come off.

He stated that the auction of STC may not come off anymore if all goes well.

He however added that government may look for private investors to partner government to run the once profitable state transport.

Meanwhile, Chairman of the Senior Staff Association Seth Kwame Martin has told XYZ Business that the development has heightened fears among the workers that STC will collapse.

Mr. Martin said the workers will seek legal redress to get their retrenchment packages if government does not rescue the company.