The Ministry of Trade and Industries has recommended the abrogation of the divestiture agreement between the Divestiture Implementation Committee and SABAT MOTORS. A statement signed by the sector minister, Dr. John Abu said it regrets the inability of the investors in SABAT MOTORS to pay the 40 percent value of the Automobile Technical Services company within the stipulated time.
The Ministry of Trade and Industries has recommended the abrogation of the divestiture agreement between the Divestiture Implementation Committee and SABAT MOTORS. A statement signed by the sector minister, Dr. John Abu said it regrets the inability of the investors in SABAT MOTORS to pay the 40 percent value of the Automobile Technical Services company within the stipulated time. It said the basic principle underlying the divestiture of the company that 10 percent shares should be allocated to the workers has also been infringed upon by the management, thereby setting aside the basic support of the whole arrangement. Workers of SABAT MOTORS have not been paid for the past 10 weeks, ad the company is on the verge of collapse due to financial problems and labour agitation. The Ministry has advised that an inventory be taken of the company's assets before the final abrogation of the agreement, and called for a re-advertisement for the divestiture of the company to attract new investors.
