Dep Finance Minister's Coy Reacts To Allegations of Causing Financial Loss To The State
Deputy Minister of Finance, Charles Kofi Adu Boahene has described as "false and deliberately misleading" allegation of causing financial loss to the state.
According to the 22nd August, 2022 edition of the Daily Post "Industry players in Ghana’s oil and mineral sector are accusing a Deputy Minister of Finance, Charles Kofi Adu Boahene of using his private company, Black Stars Advisory Limited, to cause financial loss to the state to the tune of approximately $ 5 million through the advice the company gave to the Minerals Income Investment Fund (MIIF) to subscribe to a private placement by Asante Gold Corporations, purchasing 14.5 million Asante shares at C$1.75/share.
According to the industry players, by paying a 13% premium for Asante's shares, rather than a discount to the market price, MIIF created an immediate minimum loss to the state of $2.3M and with Asante's shares currently trading at $1.30, this represents a total loss to the state of $5.1 million.
But in a statement, the Deputy Minister debunked the claims insisting that the "Black Star was never engaged by MIIF to advise it on any private placement to do with the shares of Asante Gold Corporation".
"We are concerned by what appears to be an orchestrated scheme to push false and misleading narratives about our Company. This is just the latest in a series of carefully crafted and deliberate efforts to cause significant harm to the Company and all its stakeholders. This press release is without prejudice to any legal action that may be taken by the company or individuals targeted by this false publication" the statement added.
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