The Management of Black Star has condemned speculations on being engaged by the Minerals Income Investment Fund (MIIF) to advise on private placement to do with the shares of Asante Gold Corporation.
According to Black Star, an article in the Daily Post on 22nd August, 2022, with the headline: ‘Deputy Finance Minister, Adu Boahen’s Company Black Star, accused of causing $5 million financial loss to the state through MIIF’s investment in Asante Gold’, is “patently false and deliberately misleading”.
Elaborating on the article, the management noted that the first and material paragraph reads: “Industry players in the 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)…”.
“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.”
Black Star
Contained in a statement, Black Star revealed that it is concerned by what appears to be an “orchestrated scheme to push false and misleading narratives” about its Company. This, it explained, is just the latest in a series of “carefully crafted and deliberate efforts” to cause significant harm to the Company and all its stakeholders.
Black Star is qualified to sponsor any company
On the 8th of February 2021, Black Star stated that ASG appointed the company to act as a Financial Advisor and Sponsoring Broker in connection with a listing by introduction on the GSE. It highlighted that ASG’s business activities include the acquisition, exploration, evaluation, and development of mineral properties in Ghana.
The Management of Black Star revealed that it was engaged by ASG strictly for the listing by introduction on the GSE and not for capital raising as it is a Licensed Dealing Member of the GSE and is qualified to sponsor any company to the stock exchange as per its license.
“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
Black Star debunked some assertions, emphasizing that it has “not advised any government institution” including the Minerals Income Investment Fund (MIIF) on the purchase of ASG shares. Additionally, it opined that the company is not privy to ASG’s internal procurement process and procedures and therefore cannot comment on that.
“The management of Black Star has vast experience in Ghana’s capital market and a high level of understanding of the commodity markets locally and globally. The management was instrumental in two key capital transactions in the commodity sector by working on transactions that included the listing by the introduction of ABSA’s New Gold ETF on the Ghana stock exchange in 2012 and advising on the $750 million Rights Issue by Tullow Oil in March 2017.”
Black Star
Black Star noted that AML policies, procedures, and internal controls are designed to ensure compliance with all applicable regulations and are reviewed and updated on a regular basis. As such, it treats all allegations against it seriously and will review all internal processes and take appropriate action where necessary to safeguard all its stakeholders.
“The 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 financial markets.”
Black Star
