Former Works and Housing Minister, Hackman Owusu Agyemang has confirmed the takeover of his company, Sikelele by Far East Merchantile. He is also alarmed at the attrition rate of Ghanaian companies in the last 18 months. Sikelele which deals in materials like pampers, quality paints and floor tiles, is said to have been indebted to its bankers leading to its eventual liquidation. The October 27, 2010 edition of the Enquirer newspaper has as its lead story “Hackman collapses... as Sikelele goes bankrupt in just two years in opposition". The paper further alleges that the former minister has refused to sign release letters for some of his ex-workers to enable them get employed by the new owners. But reacting to the Enquirer publication, Mr Hackman Owusu Agyemeng said the publication is not entirely true. Even though he conceded that his company has been liquidated, he noted that that has nothing to do with politics. He also denied frustrating some of his ex-employees from getting employed by the new owners. According to him, out of 250 employees, eight have been refused the release letters due to some dubious acts they were engaged in. He wondered why a Ghanaian should be happy about the demise of another Ghanaian company. “What is distressing is the fact that, Archer, a so-called patriot is so excited that another Ghanaian business has failed," he told Joy News’ Sammy Darko. “Ghanaian businesses have failed in the last 18 months or one year. More than 150 businesses have failed.” he added. He attributed the failure in part to dishonest employees like the eight workers he accuses of defrauding the company. He said the eight are up for criminal investigations. Story by Nathan Gadugah/Myjoyonline.com/Ghana