The Malta drydocks corporation (A)
Abstract
In the beginning of 1988, Mr Sammy Meilaq, chairman
of the Malta Drydoeks Corporation (MDC), was
wondering what he should do to turn around the ailing
enterprise which had registered the lowest sales of Maltese
Lira (Lm) 18.9 million and the highest ever loss of
Lm 8 million in 1987. MDC had also accumulated an
outstanding debt of about Lm 40 million, and had been
incurring an interest liability of over Lm 2 million every
year. It was with great hope and efforts that the management
of MDC was transferred to workers in 1974. The
workers certainly would not have liked MDC to be
closed down or transferred to private or government
ownership. Himself a trade unionist, Mr Meilaq would
be the last person to shatter the confidence and hopes
of workers.
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