Mr. Mike Hammah, Minister of Transport, on Friday said government would soon take-over the management of Penang Shipbuilding and Construction (PSC) at Tema.

He explained that the take-over was to ensure better management and profit oriented system for the company adding: “government has no intention of entrusting it into the hands of a private company but would be the sole manager”.

Briefing newsmen on the take-over in Accra, Mr Hammah said,” the Malaysians mismanaged the company and did not invest any working capital in its operations”.

“Government’s decision to buy back the 60 per cent share of PSC Tema from the Malaysians is final and irreversible. We should be proactive to buy back the shares and protect such a national asset,” he said.

Mr. Hammah said the Ministry of Finance and Economic Planning, Attorney General’s Department and Ministry of Transport were responsible for the negotiations to take back the company.

He disclosed that the Malaysians were expected to come out with a report on their negotiations based on government’s decision to buy back the 60 per cent share of PSC Tema on May 26.

“If the Malaysians do not agree with the terms and conditions of government, they would be forced to adhere by rules of “Mediation, Negotiation and Arbitration,” he added.

For sometime now, government realised that management of the company was experiencing many industrial actions since the Malaysians took over the management in 1997.

Source: GNA