SSNIT shares the view that for our young democracy, the independent media should be nurtured. However, SSNIT has a fiduciary role to protect the funds of the Scheme and it will apply the rules equally.
SSNIT will therefore pursue sound commercial policies to protect the assets of the scheme. Accordingly, as a large property owner and in line with good business practice, SSNIT has a long-standing policy to seek redress in the courts of law to recover rents due it.
In line with this policy, SSNIT in 1999, initiated a court action to recover rent due it from tenants in the Trust Towers who owed over 1.2 billion cedis out of which Questfine Limited (Operator of Vibe FM) owed the highest amount of 151 million cedis.
Since then, SSNIT has obtained court judgement against a member of defaulting tenants and gone into execution. It was part of this effort that on September 27, 2001 SSNIT enforced judgement following persistent failure by Questfine Limited (Vibe FM) to pay its rent arrears.
Since SSNIT obtained judgement in February 2001 it had given enough time for Questfine (Vibe FM) to make settlement, but to no avail. As part of the settlement Questfine (Vibe FM) promised to pay 80 million cedis of the debt by 30th April 2001 and thereafter liquidate the balance together with the current rent by 30 million cedis monthly instalment payment with effect from May 1, 2001. These terms were not honoured by Questfine Limited (Vibe FM). A cheque for 40 million cedis issued by the station was honoured on presentation.
In view of this, both parties went to court and informed the court that settlement had broken down. Accordingly, SSNIT was granted leave to enforce the judgement and this was executed on 27th September 2001.
It is also important to note that similar judgements have been enforced against a number of rent defaulters in the Trust Towers, where Questfine Limited (Vibe FM) operates.
Additionally, Questfine Limited (Vibe FM) has defaulted in respect of rent payment for a Caf? they operate on the ground floor of the same building on respect of which a suit in pending. Rent arrears on the Caf?, “MC” Leisure as at 31st August 2001 amounted to 87 million cedis.
Questfine Limited (Vibe FM) is also in arrears in respect of electricity and water as at 30th August 2001 to the tune of 42.5 million cedis and 629, 000.00 respectively.
Meanwhile, following concerns expressed by Vibe FM, SSNIT officials met with them on the 28th of September and the company proposed that SSNIT returns the items seized to them to operate and for SSNIT to buy airtime from their station to offset the debt of 506 million cedis.
The second option is for SSNIT to allow them to move out, and for SSNIT to take the equipment and write off the 506 million cedis debt. Both options are not acceptable to SSNIT.
These are the facts of the case. SSNIT will do whatever is fair and lawful to safeguard the interest of all our stakeholders including the contributors, the pensioners, the widows and orphans whose very livelihood depend on the Fund.
K. Osei Bimpong
Issued by Head of Public Affairs Department (SSNIT)
28th September 2001.
