Cabinet has decided that the lease of the GIHOC (Abosso) Glass Manufacturing Company Limited, to Tropical Glass Company Limited (TGCL), should be abrogated and the company returned to the Divestiture Implementation Committee (DIC) for re-divesting.
Dr Kofi Konadu Apraku, Minister of Trade and Industry, who announced this at a press briefing in Accra on Friday said Cabinet had also decided that the lease agreement should be investigated to unearth any criminality, which would be referred to the Attorney General's Department.
Cabinet also decided that credible liabilities of TGCL might be settled from the proceeds to be received from the divestiture of the Company.
He said Cabinet's decision followed some findings including the company's indebtedness to 13 institutions to the tune of ?25.5 billion by December 2000.
The government opted for re-divestiture because the manufacturing of glass and bottles would support the beverage and food industry.
