Black Star Company denies reports it caused $5m financial loss to the state

The management of Black Star Company ((Black Star Advisors and Black Star Brokerage)) has denied reports that the firm has caused $5 million financial loss to the state through MIIF’s investment in Asante Gold”

Reports in a section of the Ghanaian media indicated that “Industry players in the [sic] Ghana’s oil and mineral sector are accusing a Deputy [sic] Minister of Finance, Charles Kofi Adu Boahene of using his private company, Black Stars Advisory Limited, to cause financial loss [sic] 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[sic] to a private placement by Asante Gold Corporations, purchasing 14.5 million Asante shares at C41.75/share.”

But the management in a statement issued on Wednesday August 24 described this report as “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,” it said.

“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.

“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.”

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The management further said it treats “all allegations against it seriously and will review all internal processes and take appropriate action where necessary to safeguard all its stakeholders.”

By Laud Nartey|3news.com|Ghana