'Korean construction firm not broke'

Date Posted: 2011-07-11 Location:  Source: 

The company is set to start the construction of 30 thousand housing units for the security agencies by July pending parliamentary approval of a Suppliers Credit Financing Agreement for 1.5 billion dollars.

The project is part of a 10 billion dollar deal which will see the company build 200,000 homes over a five-year period.

Pro-opposition think tank, the Danquah Institute is however questioning the deal.

It claims STX Group is almost insolvent and badly needs financial guarantees from its deal with the Ghanaian government to survive.

But Cyrus DeGraft Johnson who is currently with a parliamentary delegation touring some project sites of the company in the United Arab Emirates reports officials are surprised at the reportage about their supposed financial difficulties.

He said the company is currently engaged in two major projects in Dubai and Abu Dhabi.

It has finished constructing a 65 apartment block in Abu Dhabi and nearing the completion of the private island villa project in the same city.

Bernard Kwabena Asamoah in an interview with DeGraft Johnson dismissed the claims it has no money to undertake the housing project in Ghana.

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