National

US FM closed down: to defray “Tilapia” debts

The operations of a local radio station, US 100.3 Fm have been closed down after a dispute between its parent company and investors.

The Ho based radio station, owned by Chief Godfred Medicine's "Unique Shepherd (US) Group of Companies", was served a distress warrant after a September 17, 2014 decision from a Ho High Court.

Several individuals across the length and breadth of the country, over the past couple of months, have been congregating on the premises of the company to demand their payments.

Seven persons who have invested several thousands of Ghana cedis into the Group's US Tilapia Investment Project/Module, turned to the court to recoup their money after the company failed to deliver on its promise of at least 96% return on their investments which covered six (6) to twelve (12) month periods.

One of the plaintiffs in the case, Francis Ampiaw said the US Group of Companies acted in bad faith and failed to show commitment to pay the investors monies due them. He explained that the Group had reneged on all promises made in the past and that they had been forced to seek redress in the court in order to ensure that their investments did not go waste.

Officers of the Court, accompanied by police personnel and some of the plaintiffs, had a tough time as the landlord of the rented premises of the radio station put up resistance and refused to permit them from posting the necessary notices.

After a heated argument with the officials, the notices were posted and the offices of US FM locked while the Station's staff looked on helplessly.

A three (3) uncompleted storey building of the US Group currently under construction in Ho has also being seized as a result of the distress order.

 

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