Ghana Bauxite Company Limited (GBC) has addressed recent allegations surrounding its acquisition by Ofori-Poku Company Limited (OPCL), dismissing claims of impropriety and lack of transparency.
At the center of the controversy is the valuation of GBC, which was reportedly valued at $12.5 million in 2022 and is now worth over $1 billion.
In a statement signed by the company’s corporate affairs directorate, GBC attributes the significant increase in valuation to substantial financial investments and strategic interventions made by OPCL, which have enhanced efficiency, increased output, and strengthened GBC’s market position.
Ghana Bauxite Company emphasized that the acquisition by Ofori-Poku Company Limited (OPCL) was carried out in accordance with regulatory requirements and due diligence standards. The company noted that the Government of Ghana had declined to acquire the 80% shares in GBC from Rio Tinto in 2010, leading to the sale to BOSAI Minerals China.
Similarly, in 2022, the government chose not to exercise its right of first refusal, allowing OPCL to lawfully acquire the 80% stake.
The company also denied allegations of conflict of interest in the valuation process and insider trading. GBC clarified that OPCL’s owner was a board member of GBC at the time of acquisition, but this did not constitute insider trading, as board membership does not equate to access to confidential information.
This comes on the back of allegations raised by private legal practitioner Martin Kpebu, who called for a forensic investigation into the sale of GBC to OPCL. Taking to his Facebook page, Kpebu questioned the significant increase in valuation, the role of OPCL’s owner as a board member of GBC, and potential political influence in the acquisition process.
However, GBC has assured the public that OPCL’s ownership and governance structure is transparent and publicly verifiable under Ghanaian law. The company denied allegations of secret ownership or political influence in the acquisition process.
GBC reaffirmed its commitment to operational excellence, investment, and value creation for all stakeholders. The company urged the public to disregard misleading claims and trust that GBC’s growth is a result of strategic planning, investment, and sound management.
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