Ghana Airways realizes $3m asset

The Liquidated Ghana Airways has achieved an additional asset realization of approximately US$3million, according to a sixth progress report prepared by PricewaterhouseCoopers.
This amount was realized from the $25.4million reported in its fifth creditors report, due mainly to interest earned from treasury management as well as proceeds from commercial agreements.
This new development has thus enhanced the OL’s asset to approximately $29million.
“We have achieved additional asset realization of approximately $3million from the about $25.4million reported in the fifth creditors report, bringing the total to approximately $29million”, the report indicated.
The amount realized has ignited the hope of the OL, which it believes could realize more assets by the close of the liquidation. “We expect to realize a total of about US$33million by the close of liquidation”, the report stressed.
According to the report, the OL has also been able to resolve its disputes over two properties, which were the subject of ownership claims by third parties.
Among the resolved disputes are those between the OL and the Adum Stool Land, which was a subject of an ownership dispute between the two parties.
The second one was between the OL and the Ministry of Water Resources, Works and Housing (MWWH) over the ownership of three Ghana Airways Castle Road flats, which the OL sold to the office of the Administrator of stool lands in 2007.
From the report, the dispute between the OL and the Adum Land was settled amicably following the latter’s intention to repossess the property unless the OL agreed to pay them greater portion of realizations to be derived from the sale of the property as assessed by Assenta Property Consulting, a local company in February 2005.
The report said series of meetings were held between the two parties (OL and Adum Stool Land), with OL agreeing to assign its interest in the land to the Adum Stool.
The OL thus received an amount of US$30,000 from the stool as consideration for the assignment of its interest in the land.
“The property, which was subject of an ownership between Ghana Airways and the Adum Stool Land was valued by Assenta (in February 2005) for about US$60,000.
Based on this valuation, the OL agreed to assign its interest in the land to the Adum Stool Land for US$30,000”, the report indicated.
The dispute between the OL and MWWH was also solved amicably.
Based on a meeting the two parties had in April 2008, MWWH agreed to give vacant possession to the three Ghana Airways’ Road flats to the OL at the end of the month (June 30, 2008).
This agreement by MWWH would enable Ghana Airways to do same to the Administrator of Stool Lands, according to the report.