Business News of 2014-02-04

Merchant Bank to auction assets of Myroc Food Company

Merchant Bank will begin auctioning assets of Myroc Food Processing Company Limited as the bank initiates moves to recover debts owned by the company.

Myroc Food Processing Company Limited was dragged to court by Merchant Bank over the debt two years ago.

A fast track high court on June 6, last year ruled in favour of Merchant Bank over the matter.

Merchant Bank per the ruling is to recover jointly and severally from the company and three other defendants including the owner of the company Charles Mensah and two others Edna Mensah and Faith Lawluvi an amount of GHC 24,385.639.05.

Myroc Food Processing Company Limited is one of the top ten debtors of the bank, as of August 2013 it was the second highest debtor of the bank.

It placed number two on the bank’s mart top 10 accounts with a debt of GHC23, 713,060.42 as at August last year.

Myroc Food Processing Company Limited follows after Engineers & Planners which is number one on the list with a debt of over 60 million cedis.

Engineers & Planners has however, paid it debt.