06.04.2005 Business & Finance

Unfaithful Workers “Killed” Company

By pfm
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The Public Affairs Director for Social Security and National Insurance Trust (SSNIT), Mr. Kweku Osei Bimpong has partially blamed workers for the virtual collapse of Consumer Credit Limited.

Mr. Osei Bimpong told PeaceFM today that some workers who enjoyed credit schemes of the company could not pay back the monies owed Consumer Credit Limited, (GCL) hence the company's inability to continue doing business.

The GCL is said to be on the verge of collapse, as one of its major shareholders. SG-SSB has withdrawn its shares from it, while the Social Security and National Insurance Trust had also not put in place any plan to salvage it.

According to Mr. Bimpong, SSNIT tried over the years to revive the operations of GCL by pumping money into financing its operations, but the company has failed to make any successful gains in terms of profit margins.

He said the GCL has now become insolvent and has had a number of its properties and valuables confiscated by those it is indebted to, as means of enforcing a court order. He described the closure of GCL as very unfortunate, since most workers in the country would find it almost impossible to raise money at a go, to buy appliances for their homes.

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