Maritime Steel runs out of money

 

Abbas Jafarnia

Abbas Jafarnia

Maritime Steel Foundry Ltd. owner Abbas Jafarnia has sent his employees home after shutting down operations last week according to a CBC report. Mr. Jafarnia said he sent everyone home because there is no more money to operate the New Glasgow foundry. He also blamed the Nova Scotia government for not granting him a $1.1 million loan, which was rejected last month. In a Chronicle Hearald report last January, Mr. Jafarnia said the sanctions Canada imposed on Iran made it difficult for Iranian investors to transfer much-needed funds and that a government loan was needed for the company to survive. Maritime Steel was bought by Mr. Jafarnia in July 2011 for a reported $1.25 million.

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