STX partners to agree on new settlement

One of the partners in the STX Housing deal, G.K.A Airports Limited, on Tuesday announced that it intends to file new terms of settlement with its Korean partners, STX Engineering & Construction Ghana Limited.

Mr Carl Adongo, Counsel for B.K A. Airports Limited told the Commercial Court presided over by Mrs Gertrude Torkornoo that his client had negotiated a new term of settlement with their Korean counterparts and if they agreed to the terms then the court could adopt it as its judgment on the matter.

He said the settlement was to disengage the Koreans from the housing project by paying them all the monies they had spent on the STX transactions so that GKA Airport limited could go head with the construction of the 30,000 housing project.

GKA Airports Company Limited, through its CEO, Bernard Kwabena Asamoah, had filed a suit at the Commercial Court asking the court to determine the rightful partner to execute the 30,000 housing project.

It would be recalled that the Koreans were the first to go to court over who owns the company when they sued B.K. Asamoah, the Registrar-General and others for allegedly diluting the company’s shares to GKA Airport’s advantage but the Fast Track High Court presided over by Justice N.M.C. Abodakpi adjourned proceedings sine die because the processes to get the case heard were not completed.

However, the current suit is citing STX Engineering and Construction Ghana Limited and STX Construction Company Limited in Seoul as the first and second defendants, as well as the nine Korean officials including Kook Hyun Kim, Su Jou Kim, Daniel Jung and Seong Hoon Kang,

The rest are Yong Chan Kim, Im-Dong Park, Ji Hoon Hwang and Man Kang.

Meanwhile, Mr Bernard Kwabena Asamoah, CEO of G.K.A. Airports Limited has apologized to President Mills for the embarrassment the STX saga has caused the Government.

Mr Asamoah made the comment when he spoke with the media after the court hearing of the STX case.

He said the STX issue was not governmental but a commercial dispute between the partners in the deal.

Mr Asamoah also announced that GKA Airport’s Limited was engaging Western Form, a U.S Company to be technology provider in the new housing project which would commence by December 1, 2011.

He said Koreans who initially promised to source for funding for the STX Housing project were still relying on the use of Ghana’s oil as collateral despite the government’s sovereign guarantee.

He said with or without the Korean partners, GKA Airport Limited would go ahead with the 30,000 housing project.

Source: GNA

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