PBC seeks more time as banks initiate asset seizure over unpaid debts
The Managing Director of PBC Limited, Seidu Yonye, has appealed to a consortium of banks to grant the company additional time to complete internal approvals required to advance debt repayment plans.
He explained that the company is working to secure shareholder consent, including that of the Ministry of Finance, to finalise key corporate governance processes needed to unlock asset-based arrangements aimed at settling its obligations.
According to Mr. Yonye, the failure to achieve full shareholder consensus at the company’s most recent Annual General Meeting has delayed critical decisions that could have improved its financial standing and supported engagements with creditors.
The appeal comes amid mounting pressure from the banking consortium. On Thursday, April 30, officials accompanied by security personnel visited the company’s head office at Dzorwulu in Accra to serve auction notices as part of enforcement actions tied to outstanding debts.
Despite the development, Mr. Yonye has called for calm, expressing optimism that ongoing discussions with stakeholders could avert the full auctioning of the company’s assets.
He maintained that with more time and better coordination—particularly with government as a major shareholder—the company can activate the necessary internal mechanisms to stabilise operations and meet its financial obligations.
“We are pleading that they should give us the time to go through the corporate governance structures so that whatever we do is within the law and does not create further challenges,” he stated.
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