Court grants ADB, 5 others permission to sell assets of Produce Buying Company including its head office

A court in Accra has reportedly granted an order for the assets of the Produce Buying Company Limited, including its head office to be sold.

Six banks, including the Agricultural Development Bank (ADB), secured a court order to sell off the assets of the company as well as permission to prevent any sale or transfer of the assets of PBC Limited.

The five other banks include Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa.

According to Citi News, Chief Justice Her Ladyship Gertrude Torkonoo granted the attachment order after PBC Limited failed to honour its debt obligations owed to the six banks, despite an earlier judgement granted in favour of the banks back in October 2023.

The attachment order, which is captured on the premises of PBC’s head office at Dzorwulu, prohibits any person or entity from acquiring any interest or assets on the property.

The court order secured by the six banks, therefore, highlights the severity of PBC’s financial situation and comes as a response to the company's perceived failure to honor its debt obligations to the plaintiffs.

A video shared by Citi News showed a vehicle, which supposedly belongs to the company, being towed from its headquarters.

BAI/OGB

You can also watch the latest episode of Everyday People on GhanaWeb TV below: