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The Shipyard was forced to subsidize Gozo Channel by Lm255,000

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According to information that the Campaign for National Independence has obtained, the Government forced the Shipyard to subsidize the Gozo Channel company more than a quarter of a million Maltese liri, and this when the Shipyard itself needs help.

This subsidy was given by the Shipyard on ramps works that the Shipyard accepted to do for the three Gozo Channel ships. 

The work was totally prototype, that is, that had to be made on drawings specifically made for the conditions of the ships and the quays at Ċirkewwa and Mġarr.
 
CNI came to know that when the GWU representatives had asked in September 2007, how much did the work on the ramps cost and how much is it going to leave as recovery on the labour expenses of those that had worked on them, the Executive Management answered that the Shipyard was going to be paid by Gozo Channel according to the rates agreed to in the contract between them.

 
In February this year, the GWU representatives again asked how much were the labour expenses on the ramps works and when was the bill going to be paid.

Just before the General Election, the Shipyard Chief Executive Officer, Chris Bell, answered that the Shipyard was going to make a reasonable profit on the ramps work.

CNI has found out that although the Government says that full information on the Shipyard financial income and expenditure had been given to the GWU representatives, 

* this was not true, 

* the information given was sporadic,

* not full, and 

the GWU could never have a full picture of the Shipyard Management Accounts. 

CNI understands that in the case of the ramps for the Gozo Channel ships, the Shipyard did not get as much money as circumstances gave it the opportunity to get.

Because while on normal work the recovery that the Shipyard makes is 200% on the labour expenses, in the case of the ramps the Shipyard should have made a greater recovery, once the client would have had to carry out the work outside Malta, if the Shipyard was not ready to do it.

But according to research made by the CNI, it resulted that the Shipyard, on the ramps works, did neither make a normal recovery of 200%, nor the recover that it could do, because it only made a recovery of 75 on the labour expenses. 

This means that the Shipyard charged Gozo Channel about Lm255,000 less than the amount of the normal 200% recovery that it had to charge. 

Thus the Shipyard has subsidized the Gozo Channel the sum of around Lm255,000.

But the fact is that the Shipyard has lost even more than this on the work carried out for Gozo Channel.

Because the work on the ramps started around the middle of 2007 and the Shipyard paid all the wages that had to be paid as well as for the materials and other expenses, totaling about Lm450,000.

But Gozo Channel only paid its debt a few days ago, during last June, and therefore the Shipyard has lost the interests on the expenses that it had made for the ramps works, and has saved Gozo Channel around LM25,000 in interests. 

Totally therefore the Shipyard has subsidized Gozo Channel with the amount of Lm280,000.

The Government was happy to increase the Shipyard losses by about Lm280,000, so that the Gozo Channel profit would appear greater by that amount.

Friday 18 July 2008

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