Ghana Bauxite Company responds to Kpebu’s call for forensic investigation into transfer of ownership

The Ghana Bauxite Company (GBC) has dismissed allegations of financial malfeasance in the sale of an 80% stake to Ofori-Poku Company Limited (OPCL), following concerns raised by legal practitioner Martin Kpebu.

Kpebu questioned the valuation of GBC, which was priced at $12.5 million in 2022 but is now reportedly valued at over $1 billion. He also alleged insider trading and political ties in the transaction.

In response, OPCL refuted the claims, stating that the sale followed due process after the Ghanaian government declined its right of first refusal. OPCL emphasized that its acquisition was based on the same terms offered to the government and that its investments and operational improvements contributed to GBC’s increased valuation.

The company denied that its CFO was involved in the valuation process before the acquisition and rejected claims of political influence.

OPCL acknowledged that its owner was a GBC board member at the time of the sale but dismissed allegations of insider trading, arguing that such laws apply to publicly traded companies, not private transactions.

The company maintained that the acquisition was a lawful, commercially driven deal with no conflicts of interest or impropriety.