A consortium of banks has confiscated some assets of Produce Buying Company (PBC).
This was after it secured a court order to sell some of the company’s assets over nonpayment of debt running into more than GH¢300 million.
The assets include vehicles and some equipment.
The Court Bailiff [name withheld] told Joy Business at the company’s premises that the head office of PBC will be auctioned if the company fails to honour its debt to these banks within the shortest possible time.
The banks that PBC is indebted to are Agricultural Development Bank, GCB Bank, Bank of Africa, CalBank, UMB and UBA Ghana.
The financial institutions (plaintiffs) engaging in the business of banking including money lending filed an application for summary judgement on October 9, 2023, under order 14 of C.I 47 against the defendant, PBC.
In respect of the 1st Plaintiff (ADB Bank), the licensed buying cocoa company is expected to pay GH¢49.257 million. PBC is also expected to pay GH¢11.219 million, GH¢71.049 million, GH¢108.469 million, GH¢42.295 million and GH¢13.728 million to Bank of Africa Ghana, CalBank, GCB Bank, UMB and UBA Bank respectively.
The attachment order was issued by the Chief Justice, Gertrude Torkonoo, to have the company honour its debt obligations to the six banks.
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