Investors threaten legal action against Safeway

Individuals who have invested in Safeway Tilapia Investment Limited in Ho are to seek the intervention of the Law Court to demand returns on their investments.

A client of the Company told the Ghana News Agency that their investments had matured since June this year but the Company has not met its commitment to them.

He said in 2011, he invested GH?6,000.00 in the Company’s tilapia venture with an agreement that he would be paid 80 per cent in the first year, 90 per cent in the second year and 100 per cent in the third year but that failed to materialize.

The Client said officials of the Company had been inconsistent with information regarding the fate of their investments.

Mr Eli Tengey, Volta Regional Co-ordinator, Safeway Limited, which also runs transport, estate and microfinance lines said the Company defaulted in paying the clients because the Company lost five million fingerlings in 2014 as a result of power outages.

Mr Jim Forster, Managing Director of the Company told the GNA that the Company has since 2011 paid 5,000 clients and was still paying.

Meanwhile the Ho Office of the Company has remained closed for some time now because of tenancy issues, Mr Forster said.

Some clients, who walked to the offices of the GNA expressed worry about the closure of the Company’s Office in Ho, threatening court action.