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General News Mon, 19 Nov 2001

SSNIT Turns down Vibe FM Offer

Social Security and National Insurance Trust (SSNIT) on Monday said it has turned down an offer from Questfine Ventures, operators of Vibe FM to take up shares in the company as a means of recovering the debt it owes SSNIT.

Vibe FM owes SSNIT 506 million cedis as rent since 1997, for their offices on the first and eighth floor, which used to be in the Trust Towers in Adabraka. The amount includes court charges.

The Ghana News Agency quotes sources at SSNIT told the media that it was not the best option for it to go into any form of partnership with Vibe FM. "It is possible that we could make some investments and therefore have returns on them, it is not prudent to do business with a company such as Vibe FM."

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The Accra FM station with a high staff turnover, currently transmits from a small office in the Ghana Classifieds building at Kanda. This was after SSNIT moved the "Soul of the Capital" station out of their Trust Towers residence based on a court order. Officials of the Trust said the company's equipment would have to auctioned "if they are unable to settle the debt in good time."

The source said Vibe FM has still not paid the money, adding that SSNIT will this week find out if the possible bail out by Graphic Communications Group is still among options opened to the radio station.

Source: .
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