Some banks have confiscated assets of Produce Buying Company (PBC) Limited, including its headquarters at Dzorwulu in Accra.
The banks are Agricultural Development Bank, GCB Bank, Bank of Africa, CalBank, UMB and UBA Ghana.
This was after they secured a court order to sell some of the company’s assets over nonpayment of debt running into more than GH¢300 million.
The assets include vehicles and some equipment.
Regarding the 1st Plaintiff (ADB Bank), the licensed buying cocoa company is expected to pay GH¢49.257 million.
PBC is also expected to pay GH¢11.219 million, GH¢71.049 million, GH¢108.469 million, GH¢42.295 million and GH¢13.728 million to Bank of Africa Ghana, CalBank, GCB Bank, UMB and UBA Bank, respectively.
An attachment order has been posted on the walls of the PBC headquarters that prohibits anybody from acquiring any interest whatsoever in the said property.
The attachment order was secured following the failure of PBC Limited to honour its debt obligations to the six banks even after a judgment had been delivered in favour of the banks in October 2023.
The financial institutions (plaintiffs) engaging in banking, including money lending, filed an application for summary judgment on October 9, 2023, under order 14 of C.I 47 against the defendant, PBC.
PBC Limited originally existed as a Licensed Buying Company (LBC), which partook in the internal marketing of cocoa as its core business, among other auxiliary businesses, to complement its revenue stream.
It also engages in buying, collecting, storing, transporting, and dealing with cocoa, coffee, shea nuts, shea butter, and other agricultural products.
It operates through the produce and haulage segments.
The produce segment purchases and sells cocoa beans and shea nuts.