A court order has been sanctioned by Chief Justice Gertrude Torkonoo, mandating the Agricultural Development Bank (ADB) and five other financial institutions – Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa – to halt the sale or transfer of assets belonging to PBC Limited.
Among the assets affected is the company’s headquarters situated at Number 106 Olusegun Obasanjo Way, Dzorwulu Junction in Accra.
The court’s intervention follows a judgment obtained by the aforementioned banks against PBC Limited, stemming from the company’s alleged failure to fulfill its financial obligations to the banks despite a favorable ruling issued in October 2023.
This attachment order, signed by Chief Justice Gertrude Torkonoo, explicitly prohibits any transactions involving the specified property, conspicuously marked on the walls of the PBC headquarters.
Chief Justice Gertrude Torkonoo’s decree underscores the gravity of PBC Limited’s purported default on its debt obligations, heightening the severity of the situation.
Despite the issuance of the court order, attempts to establish communication with PBC Limited have yielded no response, leaving the company’s stance on the judicial mandate uncertain.
The legal developments surrounding PBC Limited’s financial predicament highlight the challenges and implications of debt non-compliance within the corporate realm, warranting meticulous attention to regulatory and financial responsibilities.
