ADB and 5 others obtain authorisation to sell assets of PBC Ltd

A court order has been granted to the Agricultural Development Bank (ADB) and five other banks, namely Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa, to prevent the sale or transfer of assets belonging to PBC Limited.

This includes the company's headquarters located at Number 106 Olusegun Obasanjo Way, Dzorwulu Junction in Accra.

The court's decision comes in the wake of a judgment secured by the six banks against PBC Limited. Despite a favourable judgment delivered in October 2023, PBC Limited allegedly failed to meet its debt obligations to the banks.

The attachment order, authorized by Chief Justice Gertrude Torkonoo, prohibits any acquisition of an interest in the specified property, as prominently displayed on the walls of the PBC headquarters.

The gravity of the situation is emphasized in the court order issued by Chief Justice Gertrude Torkonoo, reflecting the severity of PBC Limited's purported non-compliance with its debt obligations.

Efforts to communicate with PBC Limited have proven unsuccessful, leaving the company's response to the court order unknown.