Ghanaian 'Investor' Lied to Rwandans

Joseph Kingsley Annan, the man who promised to prospect for gold and other minerals in Rwanda, may have told lies about his company's status in Canada, it has emerged.

Jean Chris Safari, a Rwandan in the US who claims to be... familiar with stock exchange business in the US rubbished assertions by the Ghanaian geologist, indicating that his Canadian-based mineral company, Gold Coast Resources Inc., features on the US' NASDAQ stock market.

"Being a Rwandan and a professional investor in the U.S stock market, Annan's statement prompted me to carry out some research, only to find out that this company is not listed on the NASDAQ but rather in the Pink Sheets.

"Pink Sheets are very small stock markets mainly for worthless stocks, completely unable to be listed on the NASDAQ, the New York Stock Exchange [NYSE] or the AMEX," Safari, who said he is a resident of Johnson City, New York, US and a Green Card holder, wrote to The New Times.

He was responding to Annan's assertions published in The New Times of March 19 under the title: 'Rwandans sleeping on gold, says expert.'

Annan had then said he is the founder and majority shareholder of Gold Coast Resources Inc also said he has 100% ownership of Luxor Group, another Canadian-based exploration firm, where he is President and Chief Executive Officer (CEO).

And, while responding to a question as to whether he was not the type who make empty promises before disappearing, Annan said then: "Funds are not a problem to me. For instance, Gold Coast Resources Inc. lists on NASDAQ stock exchange."

He said he would invest Frw13 billion (US$23m) in mineral exploration in the country.

According to Kingsley Annan, his Ghanaian friend John Annan, who is based in Ruhengeri, Northern Province, encouraged him to invest in Rwanda.

But Safari's findings have cast doubt over the 'millionaire's assertions.

Indeed, Safari claimed that he dug deep only to find out that Gold Coast Resources Inc (GSRS.PK) is a company that has 'no financial statements, no records and no operational details with the Securities and Exchange Commission'.

And Safari, who described Annan's assertions as 'naked lies' insisted: "If Mr Joseph (Kingsley) Annan refutes my comments, I am ready to provide you with all the sources and information."

Interestingly Safari's findings were corroborated by John Annan (the man who wooed Kingsley Annan to Rwanda).

"It is true Gold Coast Resources Inc is listed in Pink Sheets not NASDAQ. But it has capacity to even list on a bigger stock market like NASDAQ or NYSE."

However, Kingsley Annan was steadfast in his assertions and strongly refuted what both Safari and John Annan said.

"It is very important to understand people to do business. In regards to Gold Coast, it is not a reporting company under SEC Law [Securities and Exchange Commission]. I hope I would have an opportunity to start my exploration and time will judge me. I have no further comments," he said by e-mail. Annan said he was in Ghana but was due to leave for Canada on March 28 (yesterday).

In the recent past a string of people have come under the guise of investors and promised 'diamond', only for it to emerge that they lack financial muscle to execute their promises.

Meanwhile, some government officials have denied meeting Annan, as opposed to what he and his friend John said.

Both Ghanaians insist that a fortnight ago that they had met with officials from the Department of Mines and had been given a go-ahead for the exploration.

"The mines department has so far shown me where explored mineral sites and prospective minerals are. I have meanwhile also commissioned an expert to come up with a photographic map to demarcate our extent of exploration," Kingsley Annan said.

However, the Mines officials have dismissed that.

"That's not true. May be he met with the minister," a source at geological department that preferred anonymity, said.And when contacted, the State Minister for Water and Mines, Prof. Bikoro Munyanganizi also refuted the Annans' claims. He said he last talked to a Canadian mineral exploration firm (whose name he couldn't recall) last year.

"I have not met with an (official) of Canadian firm recently. I met one last year and they promised to come last month [February] but haven't come. In fact if they are around direct them to my office," Prof. Bikolo said on phone.

Prof Bikoro said Annan (Kingsley) cannot start exploration before his company signs a contract with the minerals ministry.

But John Annan insisted by telephone yesterday that: "I swear we met that Minister and I can prove that if we [me and you] met him again."

John further claimed they have already sent a copy of the contract to the ministry. "It is amazing if they haven't even seen the contract we sent them." Both Annans said an exploration expert would arrive in the country on May 15 to start the job.

Kingsley Annan said he would use his own money to carry out the explorations.

While in Rwanda, Kingsley said he did not visit Rwanda Investment and Export Promotion Agency (RIEPA).

"Where there are investments potentials, an investor will always find them by himself, no matter the barriers," he wrote in the e-mail.