SSNIT Prepares Auction, VIBEFM Begins Transmission

The Social Security and National Insurance Trust (SSNIT) will soon seek court approval to auction the equipment of Accra-based radio station, VIBE FM, which owes SSNIT about 506 million Cedis in unpaid rent charges. The station’s equipment and other properties, which were seized last Thursday, will be auctioned if the parent company, Questfine Limited, fails to make acceptable arrangement for the payment of the rent charges.

Vibe FM, which was operating from the 8th floor of the Trust Towers, one of the many SSNIT properties in the city of Accra, has not paid any rent since March 1997. SSNIT secured a court order to seize the station’s equipment and sell them to pay off the debt, even though the station paid 20 million cedis in July. Addressing a press conference in Accra this morning, the Public Affairs Manager of SSNIT, Kweku Osei-Bimpong, said time is running out for VIBE FM.

He dismissed accusations that the court bailiffs destroyed some equipment when they stormed the station in the company of armed police officers last Thursday.

Mr Osei-Bimpong said six other tenants in the Trust Towers have had their properties seized for defaulting in rent payments, with VIBE owing the highest amount. He said the new board of SSNIT is determined to approach the issue of rent defaults in a very business-like manner and warned other companies to take a cue from what has happened to the station which prides itself in being the soul of the national capital.

Meanwhile, VIBE FM, has acquired studios in an undisclosed location and is currently test transmitting. Chief Executive, Michael Cooke, says normal programming will resume before the weekend.

......Vibe-FM Resumes Transmission

Vibe FM has resumed transmission after going off air for six days following the seizure of its transmission equipment and other property by the Social Security and National Insurance Trust (SSNIT). The Trust, last week,sought a court order that gave it the mandate to embark on the action to recover a debt of 506 million Cedis owed it by Vibe FM in rent for the use of the 8th floor of the Trust Towers in Accra.

The station is currently test transmitting from an unknown location in Accra. Vibe FM’S Chief Executive, Mike Cooke told Joy FM that the station will resume regular programming before the weekend.

It is unclear whether the management of SSNIT is still in the position to claim the debt owed it having seized the equipment and indicating its intention to sell them to offset their debt. The management of SSNIT is however expected to meet on Thursday on the next line of action to take against VIBE FM following their resumption of transmission.