ADB, five other banks secure court order to sell off PBC Limited's assets, head office

The woes of Produce Buying Company Limited (PBC) continue to deepen as the Agricultural Development Bank (ADB) and five other banks have secured a court order to sell off the assets of the company including its headquarters located at Dzorwulu Junction in Accra.

In addition to the order, the banks have been granted permission to prevent any sale or transfer of assets of PBC Limited.

The development comes after the six banks including; ADB, Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa secured an order against PBC Limited.

The attachment order granted under the hand of Chief Justice, Her Ladyship Gertrude Torkonoo was secured by the banks after PBC Limited failed to honor its debt obligations owed to the six banks despite an earlier judgement granted in favour of the banks back in October 2023.

The attachment order, according to Citi News, is captured on the premises of PBC’s head office at Dzorwulu. It prohibits any person or entity from acquiring any interest or assets on the property.

The court order secured by the six banks, therefore, highlights the severity of PBC’s financial situation and comes as a response to the company's perceived failure to honor its debt obligations to the plaintiffs.

In the wake of this development, efforts to reach officials of PBC Limited to comment on the matter have proven futile.

Some vehicles being towed away from the premises of PBC Ltd as ADB and five other banks secure order to sell assets of the Produce Buying Company including its head office #CitiNewsroom pic.twitter.com/Mp4xqc2Jy9

— CITI FM 97.3 (@Citi973) January 26, 2024