Safeway tilapia limited halts operations

Business News of Tuesday, 30 August 2016

Source: citifmonline.com

2016-08-30

SAFE WAYSafeway Tilapia Investment Company Limited halts operations

Customers of Safeway Tilapia Investment Company Limited whose monies have been locked up in the company may not be receiving their monies anytime soon as the company has halted its operations.

A new management that took over the tilapia farming business of Safeway Investments has been forced to halt its work.

The PRO of the new management, Marmah Martei tells Citi Business News the CEO, Jim Foster Walter compelled them to stop operations over allegations the former has breached an agreement not to engage directly with the affected customers.

He however explains the South Dayi district assembly of the Volta region is set to meet the CEO to outline modalities of getting the customers paid their investments.

“The new management that is to undertake the re-engineering was sacked with well built men at the office and we were given the order not to engage in any activity again. His basis was that we were not supposed to engage directly with the customers.”

“The very day we were sacked, we were however informed that the CEO has acquired enough funds to pay all the aggrieved customers their monies upfront,”

“Since the initiative was from the Volta region, we unformed the South Dayi District Assembly of the Volta region and they have taken the matter up. We are also informed that the District Assembly will be meeting with on September 3 to find out the modalities by which the customers will be settled,”

Customers lose 23,000 cedis to Safeway Tilapia company

Meanwhile Citi Business News understands the company owes about 14,000 customers across the country to the tune of 27 million cedis.

The amount is however not inclusive of the 80 percent interests promised to customers.

Some of the affected customers who have been speaking to Citi Business News on the development say they have been adversely affected by the unfortunate twist of events.

“I have invested 1,000 cedis of 80 percent returns for one year. but when the time was due for me to reclaim my money, but it is almost three years now and I am yet to get a concrete response from the company,” an aggrieved customer explained.

Another remarked, “I invested 20,000 cedis initially at an annual interest of 80 percent; I subsequently invested an additional 2000 cedis for three months at an interest of 20 percent but I have since not been able to retrieve my money.”

The woes of the company, erupted in May this year when some customers threatened a court action against the management for defaulting in paying their monies.

Safeway limited fails deadline

The new management however indicated of plans of recommencing operations in June to enable the payment of the customers’ locked up deposits by the end of July.

It failed to meet that deadline and has since not been able to outline a plan to get customers’ money back until this announcement.

Meanwhile the Bank of Ghana has ruled out any intervention in the matter to assist customers get their monies following the company’s inefficiencies.

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