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General News of Monday, 13 August 2018

Source: primenewsghana.com

How MV Adobia, a cargo vessel contributed to the collapse of uniBank - Report

The woes of the collapsed uniBank seem to be far from over, as issues of a company which acquired huge sums of money from uniBank as far as 2013 pop up.

According to a document sighted by PrimeNewsGhana, UniBank extended a loan facility of US$10 million to Africa Independence Coastal Service Limited, AICSL company to purchase a cargo vessel, MV Adobia.

The MV Adobia was inaugurated at a ceremony at the Tema Harbour on March 1, 2013, to operate within the territorial waters of the sub-region.

The vessel was expected to provide feeder services along the West African sub-region, by carting cargo in containers to and from the various ports for loading and offloading to ocean-bound vessels, according to Stanley Ahorlu, the Managing Director of AICSL.

The operations of the MV Adobia was expected to help fill the void created by the inability of vessels owned by multinational shipping companies to mop-up small tonnes of cargo along the coast.

The Head of Business Development and Sales at uniBank at the time, Richard Osei Anane, told the Daily Graphic in Accra that the deal was a testament to the bank’s preparedness to take up bigger transactions all by itself.

“It shows that we have the funds and are ready to use it to support good businesses, especially the indigenous ones, to grow,” he said.

Confidential information available to PrimeNewsGhana has revealed that as at April 2018 the company still owes UniBank US$19.2 Million and GHc10 Million.



Also, MV Adobia has not been able to generate any income since March of 2015 and is almost a write-off as its last valuation was about US$1 Million.

Meanwhile, despite the inefficiency of the MV Adobia cargo vessel after four years, UniBank has appointed a caretaker for MV Adobia who was being paid US$40,000.00 a month.

The vessel, MV Adobia, is 100 metres long and has the capacity to cart 650 containers at a go.