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General News of Tuesday, 15 January 2019

Source: adomonline.com

More revelations on investments gone bad emerge

Many more expositions of investments gone bad have surfaced as Adom 106.3 FM’s morning show has provided the platform for Ghanaians to narrate their stories.

Prominent among the narrations was that of a Chartered Accountant, Kwadwo Ayerh, who alleged that attempts to recoup over 8 million Ghana Cedis investments made by him and some 40 others with Man Capital Partners is becoming a mirage.

This is because, according to him, the Chief Executive Officer (CEO) of Man Capital Partners, Michael Allan Asare has gone into hiding with investors not knowledge of his whereabouts.

According to Mr Ayerh, contrary to the popular narrative that the public has often failed to do due diligence and background checks of investments firms prior to such investments, he and his colleagues did so and were confident in the firm because of the composition of its board and the institutions that have licenced them.

“Man Capital Partners was regulated by and licensed by the Security Exchange Commission (SEC) and had formidable board members which had the likes of Police CID boss, Maame Tiwaah Dankwah, Haruna Nelson and former Minister, Nene Mike Gizo so there was no way we could have doubted the credibility of the company,’ he noted.

Mr Ayerh also stated that it will be important for SEC to sit up and take responsibilities for their actions.

“The company duly submitted their prudential return which we learned was never cross-checked by SEC but they assured us the institution was credible. We were also given interest rates as low as 1.8 unlike the 10% from Menzgold so I didn’t see it to be unreasonable,” he added.

He, however, explained that the current CID boss, Maame Tiwaah Dankwah, resigned as a board member in the heat of the crisis in December, 2017 as Man Capital’s office virtually reducing to a cemetery.