Modern Ghana logo

FEATURED: Can We Blame Religion For Africa’s Economic Woes?...

27.06.2005 Business & Finance

Assets of the Automotive and Technical services Limited


Accra, June 27, GNA - The Serious Fraud Office on Monday warned that the assets of Technical Services Limited (ATS) were still frozen and that it was illegal for anyone to offer any of its property for sale.

A statement Mr Theophilus Codjoe, Acting Executive Director, Serious Fraud Office, signed said it had come to its "notice that certain persons are offering for sale movable and immovable property and other assets of the Automotive and Technical Services Limited (ATS). It said: "This is to inform the Ghanaian public and the world at large that all the assets of the ATS Limited have been frozen by an order of the Serious Fraud Office made in April of 1999 and confirmed by an order of the Supreme Court made on January 26, 2000. "The freezing order was made following investigations into the purported divestiture of the assets of the ATS to SABAT Motors Limited, which found the divestiture fraudulent and void.

SABAT Motors Limited or any of its directors or officers, therefore, could not confer title to any of the said assets to any person through any contract of sale or other transfer agreement, the statement said.