?8.2 Billion Loss At Graphic

Recent Marathon meetings held at the offices of Graphic Communications Ltd by the board and management on the future of its London-based distressed subsidiary, Afrimedia International, publishers of West Africa, have ended without a clue on how to retrieve the ?8.2 billion (?500,000) stake in the magazine it sold for paltry ?1 (?16,500).

The meeting came in the wake of recent revelation that Graphic has handed over 49% stake in West Africa to a Romanian who hitherto had no experience whatsoever in media works.

Credible information available suggests that Romanian Jew, Captain Avram Moskovitch, got involved in West Africa because he though he could use the magazine as a springboard in warming his way through to governments of the West African sub-region.

Sources close to the Romanian have revealed that the Israeli intelligence had intended using the magazine as a cover for covert operations in West Africa. Moskovitch has been boasting that he has used his influence in Israel to organize state security for the government of Ghana and was now touting for a similar situation with the Sierra Leonean government, sources have revealed.

Moskovitch has little reputation in Nigeria, where his shipping company, five anchors group has a contract with the Nigerian Port Authority.

Checks indicate that Moscovitch?s hold on the paper is not the first time interests inimical to those of Africa have attempted to get hold of the 85-year old West Africa magazine. But since the British company?s code debars giving out an enterprise or its parts within the UK without at least a penny exchanging hands, Moskovitch paid just 1pound symbolically to the Graphic to seal the deal and comply with the provisions of the British Company?s code.

According to Mrs. Davies, the arrangement was that the shares were to go to them for 1pound but the actual amount, ?500,000 was supposed to be invested by Moskovitch into the company. They could have given us that 500,000 as our share but we said no, don?t give us, use it as a working capital to run the company, Mrs. Davies said.

Checks indicate that Graphic has lost almost ?1 bilion revenue within the past six months that the magazine has been hibernating in addition to the non-payment of the 49% stake it sold. The phone lies of the office of West Africa magazine in London have been severed been severed because of land of payment of bills and the company itself is completely mired in immobility. Staffs have not been paid for the past six months with journalists among them petitioning the chartered institute of journalists (CIJ) in London to pressurize management of Graphic to pay their salaries and other allowances.

Information gathered that Moscovitch is not prepared to hand over his 49% shares of the company without insisting no the 500,000 pounds re-investment capital which he never paid to Graphic.