Carty said that despite the industry being closed in 2005, there was much work still to be done, in regards to the operations of the SSMC; and so and the Board of the Corporation has persisted since that time, involved in treating the debt of the corporation, considering matters pertinent to the severance of workers and managing of existing assets.
Minister responsible for the SSMC, Dr. Timothy Harris presented a proposal to the Cabinet of Ministers that will administer the final stage of the wind-up of the corporation.
Carty added that following the proposed final stage, the SSMC will no longer serve as a legal entity.
The Minister of Agriculture revealed that the Board of Directors of the SSMC had agreed to the wind-up of the corporation by June 30, 2012.
The SSMC has retained over 60 employees since its closure in 200 and as the SSMC goes into legal extinction, some of these workers will now be permanently severed while others may be re-employed in the government services to help in the fulfilment of critical functions, Carty added.
He also indicated that existing assets at the factory is up for consideration of privatization while residential properties are to be sold by the Privatization Unit, but if not sold by the wind-up date, they will be transferred to the Crown.
Vehicles, stocks of spare parts and remaining scrap metal are to be sold; and maintenance of operable locomotives is to be considered, Carty added