All laborers of Iran’s Sadra Shipbuilding Company fired from work within 2 weeks

Business Materials 23 September 2013 16:48 (UTC +04:00)

Azerbaijan, Baku, September 23 /Trend N. Umid, S. Isayev

All 1500 Laborers of Iran's Sadra Shipbuilding Company fired from work, Iranian Jahaneghtesad newspaper reported.

Last week about 800 laborers have been fired, after not being given salary in 3 months.
Jahaneghtesad newspaper says this week 700 more people have been fired, thus the company lost 1500 laborers in 2 weeks, due to inability to issue salaries.

The company has nearly been closed down due to a recession in the domestic market and effects of the international sanctions.

Director of the Bushehr Province's house of laborers, Mousa Mirjahanmardi, said that the company will be transferred to one of its creditors in the near future.

Sadra, which is one of the largest companies in Iran's maritime industry, is facing huge debts.

Iran's Khatam-ol Anbya Construction Headquarters affiliated with the Islamic Republic of Iran Guard Corps (IRGC) has transferred some 62 percent of Sadra Shipbuilding Company to the private sector, Iranian Shargh newspaper reported last month.

The director of Khatam-ol Anbya Construction Headquarters said in 2009 that Sadra will pull out of shipbuilding activities.

Sadra was founded in 1968 as a small ship repair yard in Bushehr. Since then, Sadra has established itself as the leading shipbuilding and ship-repairing company in Iran.

Sadra is also active in offshore oil & gas development. As of April 2009, the IRGC-controlled construction conglomerate, Khatam-ol Anbia owns a controlling stake in Sadra.