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Ghana: Aggrey Reveals Undercover Moves
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Ghanaian Chronicle (Accra)
25 July 2008
Posted to the web 25 July 2008
Ivy Benson
The Ghanaian Investor who is claiming 20% shareholding in Scancom Limited, operators of Mobile Telecommunications Network (MTN), has noted that he was able to maintain his shareholding in the company through undercover, a year after ex-President Rawlings' damning comments about him.
Mr. Richmond Aggrey, who was responding to cross-examination before an Accra Commercial Court, presided over by Justice Barbara Ackah-Yensu, yesterday, emphasised that he felt threatened with his continuous stay with the company after the ex-President's comments and had to relinquish his shares.
According to him, even though he felt the ex-President's comments will endanger the progress of the telecommunication company, the good judgement exhibited by him and his Lebanese partners, resulted in the company's mast to be still standing as at current.
A video footage of the 1st emancipation day celebration in 1998, presently in evidence before the court, suggested that ex-President Rawlings made some revelations about Mr. Richmond Aggrey, pertaining to his business prospects.
The businessman, who also holds an American citizenship, told the court that political pressure was brought to bear on him to exit from the company at the time, adding that he needed political action for his shares to be restored to him, as a result of which he petitioned the current President about his problems.
Mr. Aggrey denied all the accusations levelled against him by the ex-President, stressing that the ex-President acted out of ignorance.
"He did not have his facts right and this is more threatening that anything else," Mr. Agrrey asserted.
According to Mr. Aggrey, who was also the Vice-Chairman of the company, he was of the view that the former President threatened the continuous existence of the company, by attacking his credibility.
He therefore disagreed with Mr. Felix Ntrakwah, counsel for Investcom Consortium Holdings SA, the parent company of MTN that the speech of the former President could not make anybody dispose off his shares in the company.
"I was surprised at his comments about me, if I knew that was his bread and butter, I wouldn't have done what I did," Mr. Aggrey stated, adding that he had most of the time not stayed in the country.
Mr. Aggrey also indicated that he had introduced foreign exchange into the company, as his company licence which he paid for was forfeited, stating that "I contributed more than money."
Mr. Aggrey, an engineer by profession, who had business interests in several companies in Ghana and Nigeria has sued Investcom Consortium Holdings SA, Scancom Limited and Grandview Management Ltd, for claims that his name had been removed from the shareholders list of Scancom Ltd, without any explanation.
He is therefore seeking that the court orders the defendants, jointly and severally, to pay him his true share of dividends declared in the 2000, 2001, 2002, 2003, 2004 and 2005 financial years and in a manner which was proportionate to his shareholding, with interest calculated at the commercial rate.
Additionally, he is seeking among others, an order rectifying the shareholding membership of Scancom Ltd., to include his name and to accordingly restore him to his position as a shareholder and director of the company.
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In the witness box, Mr. Aggrey recounted that the comments of the former President during the 1st emancipation day celebration in 1998, influenced his transfer of shares to Grandview Management.
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