Haruna Futa – Hearts of Oak is in danger over ten year ADB debt

Prominent Hearts of Oak supporter Aziz Haruna Futa has revealed the club is in danger of getting its properties confiscated for defaulting in the payback of a bank loan acquired almost ten years ago.

According to Futa, the Phobians are on the brink of losing its secretariat for failing to payback a loan of GHS 400,000 (about $114, 777.80) secured from the Agricultural Development Bank (ADB) in 2006.

It is unclear what exactly the bank loan was used for but it is believed to have been used to finance club operations such as the signing of players.

Futa, who has been advocating for the return of ownership of the club to the supporters from current owner Togbe Afede XIV has now blown the lid on the looming danger to the club’s properties after the club defaulted several times in paying back the loan.

“Agricultural Development Bank (ADB) have threatened to confiscate properties of Hearts of Oak if we don’t settle an outstanding debt,” he revealed on Asempa FM.

“We took a bank loan of about GHS 400,000 some time ago from ADB using the club secretariat as collateral.

“And now the bank is ready to move in to take our property in retrieving the debt.”

Hearts of Oak’s accountant Hackman Aidoo has however cooled talks on the looming danger by claiming payments have already been made to defray the debt with the only outstanding amount now being the interest accrued over the period.

“It is true that Hearts of Oak took a loan of GHS 150,000 from ADB in 2006 which remains outstanding,” Hackman said.

“The club’s secretariat and the Pobiman site documents are currently locked with the bank but there are steps being undertaken to retrieve the documents.

“Board chairman Togbe Afede [XIV] has paid the debt but the interest on the loan remains outstanding and that is what we are dealing with at the moment.”