THE FOUNDER of B-BOVID, Mr. Issa Ouedraogo has dragged Seth Kwasi Asante and Ace Ankomah, to the Disciplinary Committee of the General Legal Council, accusing them of allegations of conflict of interest and unethical behaviour.
Mr. Ouedraogo in a petition to the Council on Monday February 26, 2024 requested that the Disciplinary Committee thoroughly investigate and take appropriate action to rectify the situation and ensure that justice is served.
According to Issa Ouedraogo, the General Legal Council has received the three page petition and certified it.He explained that an effort to promote B-BOVID’s vision as a Social Impact Investor, an organization called Moringa became equity investors.
He said unfortunately, “they proved to be unsuitable investors, leading to the dilution of my shares and a change in the share structure, effectively making me a minority shareholder.
Prior to partnering with Moringa, I had significant capital and goodwill resources that were disregarded,” he said
He continued that “One of the key concerns is the presence of harsh, onerous, and one-sided terms in the Investment Agreement, which solely favored Moringa, the so-called Social Impact Investors. I believe these terms to be unenforceable due to their unconscionability.”
“Of particular concern is the involvement of Seth Kwasi Asante, who presented himself as B-BOVID’s secretary. He accompanied Herve Bourguignon, a Senior Advisor at Moringa and a partner at CIA Benjamin ROTHSCHILD SA, a Swiss Private Bank, to the Registrar General’s Department in a covert attempt to alter the company’s constitution and remove me—a dedicated and visionary indigenous shareholder.
“I, as the founder and shareholder, have devoted my heart, soul, and life savings to promote sustainable agriculture (climate smart agriculture) and food security, building the company from the ground up in Ghana.
What is perplexing and unbelievable is that Seth Kwasi Asante, a law lecturer and senior lawyer, is also the managing partner of BENTSI-ENCHILL, LETSA & ANKOMAH (BELA), a prominent law firm.
“As lawyers for Moringa from the beginning should know better. Both BELA and Seth Kwasi Asante possess intimate knowledge of the necessity to obtain my consent before making any changes to the company’s constitution, shareholding structure, or removing me from the business.”
“It is astonishing that both BELA and Moringa were aware of our ongoing arbitration to determine the true ownership of B-BOVID. Furthermore, BELA has been involved since the contract formulation and is fully aware of the absolute truth about our situation.
Prior to these events, both Ace-Ankomah and Seth Asante, knowing full well that I am the founder and a shareholder of the company, wrote misleading letters containing falsehoods to the Inspector General of Police (IGP) and other officials about me.
In his letter addressed to the IGP, Ace-Ankomah made several misleading statements, including a false claim that his client holds the exclusive ownership of B-BOVID.
This claim is in direct contradiction to the established facts, as I am the founder and shareholder of the company. Moreover, there is an ongoing dispute regarding the ownership and shareholding structure of B-BOVID.
By intentionally misrepresenting the facts, these statements undermine the integrity of the situation and raise serious concerns about the ethical conduct of those involved (Ace-Ankomah).
In addition to the aforementioned actions, Moringa made unilateral and unauthorized alterations to the company’s Board of Directors by adding Antoine Turpin and Kofi Ansah, a director at Abosso Goldfields LTD, using BELA’s trustee services, which are owned by both Ace-Ankomah and Seth Asante.
This was done without my knowledge or consent as a shareholder, despite my official roles as the company’s secretary and board chairman.
“To exacerbate the situation, Seth Asante deceitfully presented himself as the secretary of B-BOVID and accompanied Herve Bourguignon from Moringa to the Registrar General’s Department to remove me
from the company’s constitution, effectively erasing my presence from the business that I have tirelessly worked to establish in my own country.
These, according to Mr. Ouedraogo, can not only constitute a conflict of interest, unethical behavior, and potential illegality, but they also potentially amount to criminal acts.
“They disregard principles of corporate good governance, undermine the integrity of the company, and tarnish the reputation of our country.”
He therefore appealed to the committee to thoroughly investigate these matters and takes appropriate action to rectify the situation and ensure that justice is served.
Pix Seth Kwasi Asante and Ace Akomah
Seth Kwasi Asante (First)
