The Juapong Textiles Limited (JTL) is expected to resume production by March or April this year after the company was liquidated last year. The liquidation of the company became necessary when Vlisco, the majority shareholder in the company decided to pull out due to serious financial and operations difficulties.
The Minister for Trade and Industry, Hon Allan Kyeremanteng stated these in Parliament today, Wednesday, January 25, 2006 when he answered some questions in the house. The NDC MP for North Tongu, Hon. Charles Hodogbey wanted to know plans put in place by the Ministry of Trade and Industry for the company, in the wake of the pull out of the majority shareholder ? Vlisco.
As a result of the liquidation of the company, the Minister said End of Service Benefits totaling over 5 million dollars, was paid to all the employees of the company who were then laid off in June 2005. He explained that in the supreme interest of the former employees of JTL and the Juapong community, government took over the company at a cost of Five Hundred thousand dollars under the District Industries Programme of the Ministry, of Trade and Industry. According to the Minister, steps are being taken to attract new investors to inject additional capital into the company.
