The Court of Appeal of the Republic of Ghana, on 16th June 2016 affirmed the decision of an Accra High Court decision on the Progressive People’s Party Self-elected Presidential candidate, Dr. Papa Kwesi Nduom’s Gold Coast Securities Ltd, for using fraudulent and gang-style means to acquire a listed private company, Expandable Polystyrene & Products Limited (EPPL) no the Ghana Stock Exchange about 10 years ago.
It is becoming much much clearer per the judgment of the Appeals Court of Ghana as a verdict on the character and person of Dr. Papa Kwesi Nduom, particularly in recent past when the former Chairman of the Convention People’s Party (CPP) Madam Samia Nkrumah, sacked him (Nduom) from the party after their visit to the former leader of Libya Colonel Muammar Gaddafi.
The objective and purpose of that visit and the amount doled out by the Gaddafi family, would be made known to the public in the coming weeks.
On the 3rd of August, 2016, Bailiffs accompanied by Police from the High Court, Accra entered upon the offices of Gold Coast Securities Limited at Asylum Down and the Ridge enclave to seize a number of assets in execution of a Judgment Debt.
The presence of heavy police presence at Gold Coast Securities premises attracted lots of journalist from nowhere, which later calumniated into commotion and scuffle between the staff of Gold Coast Securities Ltd, for entering into their place to cover the event to public.
In the encounter some of the journalists from multi media and others, were severely assaulted, locked in one of the offices of Gold Coast and their shirts torn into pieces for daring to cover the event on video camera. Later, the assaulted pressmen were offered them T-shirts and some cash amount not make the news public.
Gold Coast Securities Limited is one of Several Companies within the GROUPE NDUOM or GN Groupe with virtually all its shares owned the controversial and self-elected presidential candidate of the Progressive People’s Party and his American Tax evasion name, Paul York, now, Dr Papa Kwesi Nduom and his wife, Yvonne.
Gold Coast Securities is a licensed dealing Member of the Ghana Stock Exchange and regulated by the Securities and Exchange Commission to operate as an Investment Advisor and Fund Managers, but this current judgment, means, it may lose it license once the court orders are effected fully to the letter.
In an attempt for Gold Coast Securities to restructure and list a private company called Expandable Polystyrene & Products Limited (EPPL) to the Ghana Stock Exchange about 10 years ago, as the appointed Transaction Advisor, vested heavily in the EPPL by paying some of its huge debts to Debtors, some of whom had obtained Court Judgment against it.
Gold Coast entered into an Agreement with the then Majority Shareholders in EPPL and gradually acquired shares held by them, first 18% and later 65% to assume controlling interest of 83% of the equity share capital – with all the powers to appoint 4 out of 5 of the Directors, all the Management Team, signatories to all Bank accounts for over 10 years.
Gold Coast has run the business of EPPL to this day and succeeded in pushing the other shareholders out of the Company.
The Accra High Court delivered her judgment against Gold Coast Securities Ltd. on 16th January, 2015 which was later affirmed by the Court of Appeal on 16th June 2016.
In the judgment, the Court of Appeal stated inter alia as follows:
“To accept the argument of the appellant that the respondent never transferred any shares to it can only mean that the respondent had been illegally muscled out of his company without recourse to the law.”
“The implication is that the appellant had been running the company gangster-style. I am sure that is not what the appellant wants this court to believe happened.”
“I therefore think that the trial judge was right when he made the finding of fact that the respondent had legally transferred 65% of his shares in the company to the appellant who now has 83% of the shares of the company. That being the case, the learned trial Judge was right in ordering the appellant to obey the terms of the Share Transfer Agreement (Exhibit E) by paying the amounted to the respondent”
Dr. Papa Kwesi Nduom has remained inaudible as his star company has failed to pay its just debts making people wonder whether by failing to managing a small business, he can manage the Republic of Ghana, when given the opportunity.
Considering Nduom unknown and hiden character and personality, sheltered by some paid journalists, media houses and showbiz personalities.
The Securities and Exchange Commission is monitoring development to see how Investors Money may be touched to pay the debt of Gold Coast.
I shall follow up on developments.