The Agricultural Development Bank (ADB) and five other major financial institutions have obtained a court order to sell assets owned by PBC Limited, including its headquarters situated at Number 106 Olusegun Obasanjo Way, Dzorwulu Junction in Accra.
This legal action comes on the heels of a judgment obtained by the six banks, namely Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa, against PBC Limited. The attachment order, signed by the Chief Justice, Her Ladyship Justice Gertrude Torkonoo, was executed due to PBC Limited’s alleged failure to meet its debt obligations to the aforementioned banks, even after a judgment in favor of the banks was delivered in October 2023.
The court order, prominently displayed on the walls of the PBC headquarters and confirmed by Daily Accra, explicitly prohibits any individual or entity from acquiring any interest in the specified property, including the headquarters located at Dzorwulu Junction.
The issuance of this attachment order by Chief Justice Torkonoo underscores the severity of the situation and serves as a legal response to PBC Limited’s reported non-compliance with its financial obligations to the banks.
Despite ongoing efforts, attempts to reach out to PBC Limited for comment or clarification on the matter have proven unsuccessful. The situation raises questions about the financial stability and prospects of PBC Limited, as the legal proceedings indicate a substantial dispute between the company and the consortium of banks regarding debt repayment.
This development will undoubtedly be closely monitored by the financial and business communities, as it highlights the legal recourse taken by banks to protect their interests and assets in the face of non-compliance by a debtor. Further updates on this matter are awaited as the legal proceedings unfold.
