Business News of Friday, 18 January 2013

Source: citifmonline

SSNIT clears STC’s debt owed Prudential Bank

Citi Business News can confirm state pension fund manager; SSNIT has settled fully STC’s debt owed Prudential Bank.

SSNIT the majority share holder of STC last year paid a reported 50 percent of the US$3.8million owed Prudential Bank Limited by STC in a last minute effort to save the transport company’s assets from being auctioned.

Some assets of STC were to go up for sale last year after it failed to pay a 3.9 million dollar loan it took from prudential bank in 2005.

Citi Business News has also gathered SSNIT has begun talks with other creditors to settle all areas.

STC is indebted to the tune of GHC 43 million to various banks and institutions.

However Citi Business News has gathered SSNIT is almost trough with negotiations with GH Plant Pool and NIB.

Operations manager for SSNIT Isaac Dokyi told Citi Business News SSNIT has also fully settled salary arrears owned workers of STC.

He said: “When those problems started SSNIT came in and negotiated with Prudential bank. Initially they paid 50% and then later sorted out the rest. It is not only Prudential bank, all other creditors are now negotiating with SSNIT on when they get their money because that is the directive that SSNIT has given out. SSNIT is taking care of all our creditors including our suppliers.”