G-Pak Limited, a subsidiary of Graphic Communications Group Ltd, has redeemed its investment with interest in full, amounting to GH¢1,127,740.25, it made with Utrak Savings and Loans.
Mr Kingsley Matey-Koley, Acting General Manager, G-Pak Ltd, made the disclosure on Monday, when he appeared before the Public Accounts Committee (PAC) of Parliament in Accra, to respond to an issue raised in the 2019 Auditor-General’s Report concerning his Company.
According to the Report, the Management of G-Pak Ltd invested an amount of GH¢1,000,000 with Utrak Savings and Loans, which was expected to mature on 27th December 2018, but Utrak released GH¢700,000 out of the accumulated value of GH¢1,127,740.25 with GH¢427,740.25 still outstanding.
The auditors advised the Management of G-Pak Ltd to institute measures that would ensure that the difference of GH¢427,740.25 was recovered.
Mr Matey-Koley told the committee that the full amount of the investment had been redeemed with the interest thereof (GH¢1,127,740.25), which was subsequently confirmed by the Auditors to PAC.
Dr James Klutse Avedzi, the Chairman of PAC, wanted to know from Mr Matey-Koley what G-Pak does as a company.
The General Manager explained that G-Pak was a subsidiary of Graphic Communications Group Limited, and that it deals in light packaging materials like pharmaceutical boxes, commercial printing like normal flyers and annual reports.
He underscored that G-Pak was the biggest printing Company in Ghana currently.
The chairman again asked Mr Matey-Koley, whether G-Pak pays its dividends to the Government or its mother company?
The General Manager told the committee that G-Pak pays its dividends to its Mother Company, Graphic Communications Group Limited.
Dr Avedzi: “So, how much dividend did you pay in 2018, after you have declared a profit of GH¢1.4 million after tax?”
Mr Matey-Koley: “Mr Chair, the parent company decided to reinvest the money in the business”.
Dr Avedzi: “Are you sure of what you are saying?”
Mr Matey-Koley: “Yes please.”
Dr Avedzi said the financial statement of G-Pak indicates that the Company was doing well, and that they hope that the Company was currently still viable.
In his response, Mr Matey-Koley said: “Mr Chairman, we are doing well by God’s grace.”