STX housing deal in disarray; STX Korea out!

The STX housing deal which was supposed to partly solve the problem of a huge housing deficit in the country appears to be in disarray.

Joy FM Thursday discovered and reported that the country Director of STX Engineering and Construction Ltd, Mr Bernard Kwabena Asamoah, had been dismissed from his post.

He had gone to court earlier seeking to stop the Korean partners of the company from pushing him aside but had to withdraw the case after several interventions.

A notice posted on the company's premises read: "Dear Guest, On August 18 2011 the Board of STX Engineering and Construction Ghana Ltd has approved a resolution to remove Mr BK Asamoah from the Chief Executive Office and Mr George Padi from the position of Deputy Chief Financial Officer. They are not working in the office anymore."

Subsequently, the company issued a statement Friday morning apparently to clarify the issues.

Read the full statement below.
STX Engineering and Construction Limited Press Release

In response to media enquiries regarding the operations of STX Engineering and Construction the Management wish to inform the members of the media as follows:

1. Site works for the Affordable Housing Scheme under The Ghana National Housing Programme commenced as promised in the month of July 2011 under the direction of STX Engineering and Construction Limited and with the support of the Government of Ghana.

2. It is important to note that funding arrangements for the execution have been secured by management in addition to US technology that will ensure rapid and effective implementation within the terms approved by Parliament.

3. Regarding media stories about STX Engineering and Construction Limited yesterday in which employees of our former partners STX Construction (Korea) yesterday reportedly announced Board resolutions in respect of STX Engineering and Construction Limited, the management of STX Engineering and Construction Limited wishes to state the following:

I. STX Construction (Korea) is no longer an equity partner in STX Engineering and Construction Limited which STX Construction (Korea) exited in May 2011.

II. STX Construction (Korea) therefore has no locus in STX Engineering and Construction Limited and consequently, no basis for any actions in respect of STX Engineering and Construction Limited.

III. These facts can be verified via the public records of the Registrar General's department.

4. Any actions taken by STX Construction (Korea) or its agents in respect of the operations of STX Engineering and Construction Limited are of no consequence.

5. The management wishes to apologise to all the project stakeholders for the unruly conduct of STX Construction (Korea) in disregard or the advice offered by the Government and to thank The Minister, Water Resources, Works and Housing and His Excellency, The President of the Republic who have graciously and unreservedly supported STX Egineering and Construction Limited.

Thank you.


Story by Myjoyonline.com/Ghana