Mim Timbers' multi-billion cedis woes

The Weekend Statesman writes that the proposed divestiture of Mim Timbers is being plagued by the usual intrigues for sectional advantage while the company wallows in debts running into billions of cedis.

The paper in a top story, says Mim Timbers, currently valued at about 16 billion cedis, was owned by a British national, Desmond Charmant, who has been resident in Mim in the Brong Ahafo Region since 1947.

The Weekend Statesman says that Desmond, with an exemplary track record of service to the community. The paper says in 1974, the company was confiscated by the National Redemption Council (NRC) government and with that began the Mim Timbers downward slide.

According to the story, the current sorry state of the company is reflected in debts of 321 million cedis it owes the SSNIT for failure to settle workers deductions of social security.

The paper says the accounts of Mim are in a mess and the company owes the Standard chartered, Ghana Commercial and Barclays banks, huge sums of money for loans contracted over the years. The Weekend Statesman says certain political interests with covetous eyes on the company, whose bright future is in little doubt, are actively jockeying behind the scenes to assume post- divestiture management of Mim Timbers.