Steel manufacturing company, United Steel Company, has been liquidated by the Ghana Revenue Authority to offset tax liabilities and debts of over GH¢400 million.
The GRA being the largest creditor appointed a liquidator, the Ghana Association of Restructuring and Insolvency to liquidate the company to offset its debts.
After conducting due diligence, competitive bids were opened and B5 Plus, a steel manufacturing company won.
United Steel Company was in financial distress of 149 million cedis and principal tax liability which includes over 400 million cedis including penalties.
B5 plus has therefore taken over the management of United Steel Company which has been in debt for over two years.
The GRA has been at the company's neck to retrieve the taxes for over 3 years.
Speaking to journalists after a visit to United Steel’s site, the Commissioner General of the GRA, Rev Amishaddai Owusu Amoah said the full taxes have been paid after the liquidation.
“After they bought the company, they paid the tax liabilities in full because then the administrator had applied to take advantage of the waiver of the penalties, so the 149 million which we have been chasing from 2020 was paid in full. The workers who were about 400 were paid their redundancy packages in full and we re-employed or re-engaged many of them and then the factory is also being put back on its feet to able to produce,” he said.
SSD/NOQ
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