The services of Baishanlin International Forest Development (BSL), located at Providence, East Bank Demerara, were on Friday terminated due to financial difficulties, the company said.The letter, signed by Managing Director of BSL, Hongbo Chu, stated that the company has been experiencing “serious financial difficulties” which were brought about by economic conditions, including a change in market conditions, contraction, and other factors.

The letter further stated: “Our company’s viability was also seriously affected by negative publicity and unjustified State action, which caused our lenders to withhold financing for our operations. In the circumstances, we are forced to reduce our workforce”.

BSL consequently sought to notify the employees that, with effective immediate, their employment was terminated. In lieu of notice, the employees will be paid one month’s salary, which the company said is in keeping with Section 15 of the Termination of Employment and Severance Act.

The letter also stated that the employees will be provided with severance monies computed in accordance with Section 21 of the Act; and Chu took the opportunity in his letter to express appreciation to the dismissed workers for their service and commitment to the company during their time of employment.

“We wish you all the best in your future endeavours,” the letter added.

Efforts to contact the management of BSL for a comment proved futile.