30 March 2018

Seychelles: President Faure Chairs Meeting On STC

press release

President Danny Faure chaired a special meeting yesterday afternoon to discuss the functions, role, and challenges concerning the Seychelles Trading Company at State House.

Present for this meeting was the Minister for Finance, Trade, and Economic Planning, Dr Peter Larose, Economic Advisor to the President, Mr Bertrand Belle, Principal Secretary for Finance, Mr Patrick Payet, Principal Secretary for Trade, Ms Cillia Mangroo, Chairman of the Board of STC, Mr Guy Morel, Chief Executive Officer of STC, Ms Christine Joubert, Deputy Chief Executive Officer of STC, Mrs Marie-France Hansen and CEO of the Public Enterprise Monitoring Commission, Mrs Sitna Cesar.

The President addressed challenges in relation to the company and formulated new measures, some of which are to take immediate effect.

President Faure reiterated the core mandate of the STC which is to provide long-term food security for all Seychellois and ensure that basic commodities are accessible and affordable.

It was agreed that STC will comply with a policy whereby it will "de-link" itself from commercial transactions with any political parties, an exercise which is to be completed by the end of May this year. Effective immediately STC will adhere to the Public Procurement Act to procure its commodities; reinforcing the principles of good governance, accountability, and transparency. STC will also consider having its own infrastructure where such an option is possible and affordable; in an effort to reduce its cost of operations and further boost its efforts at reducing the cost of living.

The President recommended that the Board and management of STC, in collaboration with the Ministry for Finance, Trade and Economic Planning, re-look at the different departments within the company, in order to make necessary changes where applicable.

It was decided that there will be no redundancies at the company in order to achieve the principles listed out above.

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