Acquisition Of Ghana Bauxite Company (GBC) Done In Transparent Manner-Corporate Affairs Directorate Clarifies
The Corporate Affairs Directorate of the Ghana Bauxite Company (GBC) has described as false the claims by one Martin Kpebu, a private legal practitioner that the acquisition of majority shares by Ofori-Poku Company Limited (OPCL) was done in a fictitious manner.
In a release copied to the media, the Directorate said the acquisition of GBC by OPCL was carried out transparently having adhered to all regulatory requirements and due diligence.
The Directorate recalled that in both 2010 and 2022, the government of Ghana which had 20% shares in GBC declined leading the sale and purchase of majority shares in same from Rio Tinto and BOSAI Minerals China respectively.
However, the Directorate said the OPCL lawfully acquired the 80% stake from BOSAI Minerals the recent majority shareholders in terms as offered to the government of Ghana previously.
Details:
OPCL, the statement noted has since the acquisition of majority shares ensured business continuity and a commitment to the GBC’s longstanding growth.
The Directorate also dismissed claims that GBC was now valued about 1 billion dollars, describing it as something that lacked factual basis.
The statement said shares valuations fluctuate based on investments, operational improvements and market conditions.
“Claim that since GBC was valued at 12 million dollars in 2022 and thus would be around 1 billion dollars this time is misleading and lacks factual basis”, the statement contained.
Insider Trading/ Conflict of Interest:
The Directorate noted that the assertion that an individual who was involved in the valuation of GBC later became the Chief Finance Officer of OPCL is false.
It stated the GBC operates with a professional management structure, adding that all key appointments are made based on competence and industry experience.
Other Claims:
The statement said the claim that OPCL owner is a board member of GBC at the time of the acquisition is factually correct.
However, the statement said the suggestion of insider Trading us entirely misleading.
The Directorate noted that membership does not equate insider trading particularly in private company like GBC.
Ownership:
The statement indicated that ownership of Ofori-Poku Company Limited is wholly and legally transparent.
The Directorate furuer disclosed that OPCL is a registered company with a clear and well documented ownership structure.
The statement noted that all operations of the company is publicly verifiable under the Ghana Law.
“Any suggestion that it secured ownership by a financier of a political party is false, misleading and intended to create unnecessary suspicion in the minds of the public”, the statement contained.
The statement further highlighted that the acquisition was purely a transparent transaction driven by business strategy, financial viability and investment potential.
It added that the process adhered to all regulatory requirements and there was no political interference.
Commitment:
The Directorate said GBC remain focused on operational excellence investment and value creation for all stakeholders.
The department therefore urged the public to disregard misleading claims of trust.
The statement noted that GBC’s growth was as a result of strategic planning, investment and management but nothing else.
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