The Nima Police in Accra last Saturday granted bail to Mr. Nabin Pandey, the Manager of Sucryza Distributors Company Limited, one of the largest importers of Sugar and Rice in Ghana.
This was after he was arrested and detained at the Nima Police Station for allegedly stealing company products from its warehouse in Tema and selling them on the market.
The products that were being stolen for sale on the market included rice brands Diora, Feliz Familia, Dior, and Happy Family some of which are not even registered bag trademarks in Ghana.
According to the police, Mr. Pandey was allegedly stealing company products from its Agrosyndicate Warehouse, located near the DVLA at the Tema Industrial Area.
The police have further assured and vowed that they won’t relent in getting to the bottom of the case in order for a smooth court trial against Mr. Nabin Pandey.
Further facts available also indicate that Mr. Pandey’s furtive deals are in clear defiance of the company’s finance bank agreements.
Sucryza Distributors Limited, a major importer of rice and sugar into Ghana, is believed to be a subsidiary or a farce company of the liquidation-plagued Global Phoenix Group.
The Global Phoenix Group is currently heavily indebted to the company’s suppliers and partners within origins like Burma, India, and Pakistan.
What is more? So precarious is the situation that Employees of Global Phoenix Group have not been paid for the past three months.
The liquidation of the Phoenix Group has exposed a wide range of fraudulent operations by these shell companies, among which is the luring of funding from multiple banks for the same consignment of cargo – i.e. two or three times loan against the same (OBL) Ordinary Bill of Laden.
Market watchers believe that following the collapse of the Phoenix Group, some of its subsidiary companies like Sucryza Distributors have tried to create shell companies which may apparently have no operational links with Global Phoenix but whose business financing comes from the Group and its financiers.
Banks are said to be carrying Title Documents and looking for their money for large consignments of Cargo that have already been sold and payments collected.
Reports say the main mastermind of most of these fraudulent operations is a certain Vijay Gopal Krishnamurty based in Singapore.
Phoenix Commodities is a Dubai-based company that specialises in agricultural products, looking to restructure its debt after racking up $450m of losses on currency hedges that went haywire during violent market swings in February and March.
Phoenix, which is owned by Indian businessman Gaurav Dhawan and claims to employ 2,500 people, recently filed for insolvency at its British Virgin Island holding company at the end of last month, according to filings provided by the Financial Times.