Management of asset management company, Black Star, has debunked various media reportage that it has caused the state to lose some $5 million through the Minerals Income Investment Fund’s (MIIF) investment in Asante Gold Corporation, labelling the reports as false.

Black Star, in a press statement described the media reports as misleading narratives about the company.

“The reports form part of an orchestrated scheme to push false and misleading narratives. This is patently false and deliberately misleading. Black Star was never engaged by MIIF, as falsely alleged, to advise it on any private placement to do with the shares of Asante Gold Corporation.

“Management of the Black Star would also like to reassure all stakeholders that they have always adhered to all regulatory requirements and have executed their mandate to the highest standards of practice in the finance markets.”
Black Star

Black Stars brokerage explained that ASG’s business activities include the acquisition, exploration, evaluation, and development of mineral properties in Ghana, West Africa using, wherever possible, environmentally sustainable methods and protocols, to maximize the return to shareholders, the local community, and Ghana as a whole.

“On the 8th of February 2021, ASG appointed Black Star to act as a Financial Advisor and Sponsoring Broker in connection with a listing by introduction on the GSE.Black Star is a Licensed Dealing Member of the GSE and is qualified to sponsor any company to the stock exchange as per its license. Black Star was engaged by ASG strictly for the listing by introduction on the GSE and not for capital raising.

“It is important to stress that Black Star was not and has not been involved in any of the ASG’s private capital raising or involved in any negotiations between the company and its shareholders at any point in time before, during or after the listing. Black Star has not advised any government institution including the Minerals Income Investment Fund (“MIIF”) on the purchase of ASG shares. Also, Black Star is not privy to ASG’s internal procurement process and procedures and therefore cannot comment on that.”
Black Star

The company concluded by reassuring stakeholders that the management of the Black Star would always adhere to all regulatory requirements execute its mandate to the highest standards of practice in the financial markets.

Meanwhile, the Ministry of Finance has also dismissed social media reports that Databank and Black Star Brokerage– linked to Finance Minister, Ken Ofori-Atta and the Minister of State at the Finance Ministry, Charles Adu Boahen were handpicked by the Finance Ministry and the Bank of Ghana to act as Bond Market Specialists for government bond issuance, hence benefiting from those transactions.

In a statement, the Ministry also refuted the claims saying “It is incorrect the claim that these two firms have been appointed as advisors to the Ministry of Finance (MoF)”.