Court orders sale of KMA office complex

 

 

A Kumasi High Court has ordered the sale of the Kumasi Metropolitan Assembly (KMA) office complex to defray a judgment debt owed FREDCO FD Company Limited.

In 2016, FREDCO FD obtained a similar order and made away with three vehicles of KMA for sale to make up the debt.

They promised to go for a more immovable property of the Assembly if the amount from the sale was not enough to defray the debt.

They also secured another in 2017 to get three other buildings including the Kumasi mayor’s residence at Plot no. 9 Old Peters Avenue at Nhyiaeso.

Speaking about the development, the KMA Presiding Member, Stephen Ofori, disclosed the debt was GHS 4.1 million.

This, he explained, is an amount owed FREDCO FD, a waste management contractor over the past four to five years for their services.

 

According to him, the Assembly has over the past two years relied on internal funds to settle this debt among others with a current total outstanding debt of GHS 119 million.

“We have for the past two years been using our common fund to settle debts since we are currently in financial distress. We took our time to calculate and it will take about nine to 10 years of our common fund to clear these monies,” he lamented.

Mr Ofori stated they have been left to their fate as the government has refused to settle the debt which was its obligation.

He expressed fears the situation could affect the efficiency and effectiveness of the assembly if care is not taken.

 

 

 

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