The Ghana Cocoa Board (COCOBOD) has advised the general public to disregard an advert by the Fidelity Security Limited (FSL) on the sale of the assets of West African Mills Company Limited (WAMCO) in Sekondi -Takoradi in the Western Region.
COCOBOD said it was not involved in the attempt to sell the company and, therefore, warned that, “Any person or institution that enters into such a deal would be doing so at its own peril”.
Disagreement
A press release by the Public Affairs Unit of the COCOBOD in Accra last Monday said although it was agreed at a meeting of shareholders of WAMCO that the company should be liquidated, there was disagreement on how that should be done.
WAMCO is jointly owned by Hamester which holds 60 per cent shares and COCOBOD with 40 per cent shares.
The statement said the majority shareholder opted for private Liquidation, but COCOBOD chose official liquidation, which, in its considered view, would ensure transparency and value for money.
It said the issue regarding the nature of the liquidation had, therefore, not been resolved.
In addition, COCOBOD said WAMCO owed COCOBOD $4.9 million in cocoa beans supplied over the years.
It, therefore, cautioned that the purported attempt to sell the assets of WAMCO was without its knowledge, consent and approval and should be ignored.
Quick Read
The Ghana Cocoa Board says it has no knowledge of the sales of West African Mills Company Limited (WAMCO) in Sekondi-Takoradi in the Western Region by Fidelity Security Limited (FSL).
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