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Cocoa beans WAMCO contests indebtedness to COCOBOD

WAMCO was established under a Joint-Venture structure between the Government of Ghana represented by COCOBOD holding 40% and a German investor holding the remaining 60% of the shares.

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WAMPCO board appoints official liquidator to sale company play

WAMPCO board appoints official liquidator to sale company

The Management of West African Mills Company Limited (WAMCO) is disputing media reports that it is indebted to COCOBOD to the tune of $50 million for cocoa beans supplies in the past.

The cocoa processing company however stopped short of disclosing the exact amount it owes COCOBOD for beans supplies in the past.

READ MORE: WAMCO to be liquidated to pay COCOBOD debt

WAMCO was established under a Joint-Venture structure between the Government of Ghana represented by COCOBOD holding 40% and a German investor holding the remaining 60% of the shares.

A  press statement issued by management of WAMCO said: "It has been alleged that WAMCO is indebted to COCOBOD to the tune of US$50 million for cocoa beans supplies in the past. Interestingly the amount of the debt has been quoted differently in the various publications. Some of publications quoted the alleged debt to be US$49 million, others US$45million, US$57,334million, and in some it is state as US$15 million."

The statement added that "we wish to state that WAMCO does not owe any such debt to COCOBOD. The differences in the figures being bandied around is a clear vindication of lack of truth in the allegation."

Liquidation brouhaha

WAMPCO took a decision to liquidate the company over financial challenges but COCOBOD warned the general public to disregard an advert by Fidelity Security Limited on the sale of WAMCO.

READ MORE:Processing companies owe us $131 million – COCOBOD

COCOBOD said it was not involved in the attempt to sell the company, saying "any person or institution that enters into such a deal would be doing so at it own peril."

"The decision to liquidate the assets of WAMCO by mandating an investment bank appointed by Management was taken at a Board of Directors and was approved at shareholders meeting on 4th November,2015 and COCOBOD was represented at all of the said meetings," WAMCO Management said.

According to WAMCO, "it is therefore strange that COCOBOD should turn round and misinform the public about the process and even go ahead to warn the public against the process."

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