A consortium of banks has taken possession of certain assets belonging to the Produce Buying Company (PBC) after obtaining a court order to sell the assets due to nonpayment of debts exceeding GH¢300 million.
The confiscated assets include vehicles and equipment. The Court Bailiff, whose name was not disclosed, mentioned that if PBC fails to settle its debt to the banks promptly, the head office of PBC will be auctioned.
The banks involved in the action against PBC are Agricultural Development Bank, GCB Bank, Bank of Africa, CalBank, UMB, and UBA Ghana.
The financial institutions filed an application for summary judgment on October 9, 2023, under Order 14 of C.I 47, seeking a resolution against PBC.
The Chief Justice, Gertrude Torkonoo, issued an attachment order to compel the company to fulfill its debt obligations to the six banks, with amounts ranging from GH¢49.257 million to GH¢13.728 million for each bank.
