28 September 2001

Ghana: New Management Committee Appointed

Accra — A new management committee has been appointed by Mr Joseph Koranteng Appenteng, one of the 21 children of Mr. S. C. Appenteng, the late salt magnate and founder of Panbros Salt Industries Limited, to conduct the affairs of the company till proper structures are put in place for the beneficiaries to be fairly represented on a yet to be reconstituted Board of Directors.

Meanwhile, the Board of Panbros Salt Limited has been dissolved with immediate effect.

Announcing this in a press release issued in Accra last week, Mr. Joseph Koranteng Appenteng, an elder son of the late Mr Appenteng, said their late father nurtured Panbros with a desired family character that his children be identified with.

According to Joseph Appenteng, most of the late father's children spent all their life working in the different capacities at Panbros to make it the leading salt industry on the West Coast of Africa.

However, they have detected an orchestrated plan on the part of the Managing Director and his uterine brother, Kofi Appenteng, to exclude the rest of his siblings from Panbros by gradually seeking to smother the family character of Panbros.

He said the brother, Mr. Leon Appenteng, who is the 18th child of the 21 children, is the Managing Director.

He sought to destroy the family bond that existed at Panbros but they have thought that, with time, a way would be found to narrow the difference between them and Kofi Appenteng.

Mr. Joseph Appenteng said unfortunately, 15 months after the death of their father, things have grown from bad to worse, which, if not nipped in the bud, could destroy the huge empire which he bequeathed to them.

He said things became manifestly clear after the reading of their father's will, who in which he divided his shares in the company evenly among the different maternal blocks of his children.

He stated thar the late father had children by various wives and each set of children constituted a block.

He added that, immediately after the late father's will was read, a suit was commenced which has prevented the executors to carry out the intentions of the will.

This has brought both administrative and financial dealings at Panbros to a halt with an imminent sign of the collapse of the company.

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