SSNIT begins scrutinizing new investors for STC

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• j Owusu-Bonsu 10 years ago

  It is wrong to state that Vanef Consotium could not raise money to pay for the 80%shares in VanefSTC.Vanef Consortium included SSNIT 92.5%,Vanef 7%,and David Dorte 0.5%.VANEF CEO was the lead manager of the operations and
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  It is wrong to state that Vanef Consotium could not raise money to pay for the 80%shares in VanefSTC.Vanef Consortium included SSNIT 92.5%,Vanef 7%,and David Dorte 0.5%.VANEF CEO was the lead manager of the operations and
  the company was doing excellent and paying off outstanding debts to SSNIT and SG-SSB bank on schedule and
  diligently without any externalfinancial support until the new government of NPP took over and removed Vanef from leading the operations of VANEFSTC and also from the board.The 7% shares of Vanef was never paid.From the day of take-over in 2002,the company begun its downward decline until today even though hundreds of new buses and funds have been injected into the business.

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• j Owusu-Bonsu 10 years ago

  The statement that VANEF CONSORTUM could not raise funds to pay for the 80%
  stake in VANEFSTC is wrong.SSNIT had 92.5%,VANEF 7%and DAVID DORTE 0.5% in VANEFSTC.There was never a the need for the 80%stake to be paid for.Vanef ...
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  The statement that VANEF CONSORTUM could not raise funds to pay for the 80%
  stake in VANEFSTC is wrong.SSNIT had 92.5%,VANEF 7%and DAVID DORTE 0.5% in VANEFSTC.There was never a the need for the 80%stake to be paid for.Vanef was the lead Manager of the business which was doing excellent:timely payment of debt to SG-SSB and guarantee fees to SSNIT,without any financial injection from government until there was change in government and the NPP govt through SSNIT changed the board of VANEFSTC and removed Vanef's involvement in the business.Since then the company has been on a downward spiral up to date,even though hundreds of new buses and funds have been introduced in the business.

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