Business News of 2014-01-23

‘Liquidate assets of Noble Gold’

A private company, Riasand Ventures Limited, will, today, move a motion at the Fast Track High Court for the liquidation of the assets of Noble Gold Bibiani Limited, an Australian mining company.

Riasand took the action as a result of the failure of Noble Gold to pay Riasand a $730,252.30 judgement debt.

Noble Gold was, on September 20, 2013, ordered by the court to pay the $730,252.30, with an accompanying GH¢50,000 in costs, to Riasand for breach of contract.

However, four months after the delivery of the court’s judgement, all efforts by the applicant to retrieve the judgement debt, which arose out of the mining company’s failure to pay the applicant for supplying it with gold tailings, had yielded no result.

Accordingly, counsel for Riasand Ventures, Mr Cosmas Anpengnuo, has filed a motion on notice for an order to officially wind up Noble Gold Bibiani Limited.

Affidavit of Applicant

An affidavit in support of the motion, sworn on behalf of Riasand Ventures by its Managing Director, Mr Richmond Amoako-Mensah, stated, among other things, that his lawyer caused entry of judgement after the court’s judgement, but Noble Gold failed to settle its indebtedness.

According to the affidavit, the applicant had a further claim of $375,650 pending before the Fast Track High Court, while the mining company also owed other companies thousands of dollars.

It said the applicant, on October 30, 2013, filed an application to freeze the accounts of the mining company in its bid to retrieve the judgement debt, but it emerged that Noble Gold had less than $6,000 in two of its major accounts with two banks in Accra.

Seizure of Vehicles

It said in an attempt to get its money back, the applicant went into execution and seized two vehicles and office equipment belonging to Noble Gold, but another company emerged and claimed ownership of the said items.

Redundancy

According to the affidavit, it had also come to the notice of the applicant that Noble Gold “has declared redundancy and only been able to pay a minimal percentage of its employee’s redundancy package and that there are a host of other creditors who have not been paid”.

It said after making repeated demands on Noble Gold to honour its debt obligation and the subsequent failure of the company to heed those demands, “the company has demonstrated that it is unable to pay its debts, as it has a large stock of creditors and that is a proper case in which this honourable court would intervene to order that the company be wound up”.

Source: Daily Graphic
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