Court grants ADB & 5 banks orders to sell assets of PBC Ltd

The Agricultural Development Bank (ADB) and five other banks, including Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa, have been granted a court order to halt the sale or transfer of assets owned by PBC Limited. This includes the company’s headquarters located at Number 106 Olusegun Obasanjo Way, Dzorwulu Junction in Accra.

The court’s decision comes after the six banks secured a judgment against PBC Limited, which allegedly failed to meet its debt obligations despite a favorable judgment delivered in October 2023.

Chief Justice Gertrude Torkonoo authorized the attachment order, prohibiting any acquisition of an interest in the specified property at the PBC headquarters.

The severity of PBC Limited’s purported non-compliance with its debt obligations is highlighted in the court order issued by Chief Justice Gertrude Torkonoo.

Efforts to communicate with PBC Limited have been unsuccessful, and the company’s response to the court order remains unknown.