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Monday, August 27, 2007

Reprint from a 1998 Ghanaweb: The only srouce fo this information, so I cannot verify it

-Shimron

The Crusading Guide says a cross-section of the workers of the Ghana- Libya Arab Holding Company (GLAHCO) have expressed grave misgivings about the operations of the company and have consequently called on Parliament to probe it.

The paper says the workers, who looked visibly depressed, stormed the newsroom of the Crusading Guide to register their protest against the "shady" deals being perpetrated by the management of the company under the stewardship of Mr. Salem Serkik, a Libyan.

Apart from calling for a probe, the workers are also said to have urged the Commissioner of the Internal Revenue Service to endeavour to collect income tax due it from the company.

According to the Crusading Guide, GLAHCO, which is a Ghanaian registered company with the government of Ghana holding 40 per cent shares, is actually treated as a subsidiary of Libyan Arab Investment Company.

The paper quotes a source as disclosing that exchange rates are manipulated in favour of Libyan Arab Investment Company "for so called loans and interest payments owed by GLAHCO and this is having an adverse effect on the 40 per cent Ghana's share holdings".

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