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The Ghana Revenue Authority says it has taken action to distress Hippo General and Haulage Transportation company for owing tax to the tune of over GH₵1.3 billion.
Personnel of the tax agency aided by some security officers on Friday, stormed the premises of the company to effect the action.
Financial distress is a condition in which a company or individual cannot generate revenue or income because it is unable to meet or cannot pay its financial obligations. This is generally due to high fixed costs, illiquid assets, or revenues sensitive to economic downturns.
The GRA posted on Facebook, Friday, December 23 to announce the decision to close down the company.
