This follows a judgment secured by the six banks against PBC Limited
ADB, 5 others secure order to sell PBC Ltd’s assets including its head office
In a recent legal development, Agricultural Development Bank (ADB) and five other financial institutions have successfully secured a court order prohibiting the sale of assets belonging to Produce Buying Company Limited (PBC Ltd) including the notable asset of PBC Ltd's head office.
The consortium of banks, led by Agricultural Development Bank, are Cal Bank, Bank of Africa, GCB, Universal Merchant Bank, and United Bank of Africa.
The attachment order under the hand of Chief Justice, Gertrude Torkonoo was secured following the failure of PBC Limited to honor its debt obligations to the six banks even after a judgment had been delivered in the favour of the banks in October 2023.
The gravity of the situation is emphasized in the court order issued by Chief Justice Gertrude Torkonoo, reflecting the severity of PBC Limited's purported non-compliance with its debt obligations.
Meanwhile, attempts to reach PBC have been unsuccessful.
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