‘Precision Woodworking’ staff picket Republic Bank

Feb 28, 2015 News

Furniture manufacturing company, Precision Woodworking Est.’ yesterday morning staged a protest outside Republic Bank, New Market and Waterloo Streets branch.

Workers protesting outside Republic Bank New Market Street branch.

According to reports, workers who were made redundant after Precision Woodworking Establishment began to have financial problems, became peeved over not receiving severance payment and other benefits which they would have acquired over the years of working with the company.
The company had defaulted on a loan from the Republic Bank, which led the company to make its workers redundant.
However, the company stated by letter, that when the matter with the bank, which is before the Commercial Court is finished, due severance payment and other benefits will be paid.
Eustace Marshall, former Supervisor of The Precision Woodworking Est, worked with the company for over 21 years. He said that his service with the company was made redundant after the company had started to develop financial problems.
He said that he was issued a letter informing him that severance payment to which he was entitled could not be paid in full. He was subsequently paid 40 per cent of the money.
He told Kaieteur News that he was in constant contact with the directors of the company throughout the 2011 and 2012 period.
He said, “They told me the matter was in the Commercial Court.” He recalled that after he observed, in the papers, a notice of receivership issued against the company, he made enquiries but was told that he would have to wait until the matter was finalized in the court.
The bank had taken the company to court and the action saw an exchange of letters between the Bulkans and the bank.
Marshall said that last year tenders for sale of the property and its assets were seen. He said that he visited the company to make enquiries when he discovered that the machines were sold.
But he still was not receiving his money. At this point he went to the directors asking about his money. He said that they told him that the court’s decision was being anticipated, as the company had filed an injunction against the bank to stop the sale of the company and its assets.
Another employee said that the company kept its part of the agreement with the workers by paying them part of their money as agreed, while the bank was selling the assets of the company despite an injunction publicly to stop the tender of sale.
Workers opined that something is amiss as the court is dragging its feet in concluding the matter between the company and the bank.
One of the directors said that he could not comment on the court matter because the company has been restrained by the court from making any comments on the matter.
“The resolution of the court will determine when workers get paid”.