The founder of B-BOVID, an agro social inclusive firm, Issa Ouedraogo, has petitioned Chairman of the Disciplinary Committee of the General Legal Council (GLC) over the conduct of some members of the Ghana Bar Association (GBA)
“I am writing to bring to your attention a series of concerning incidents involving Seth Kwasi Asante, Ace Anan and BELA, which I believe demonstrate conflict of interest and unethical behaviour. I kindly request that the Disciplinary Committee thoroughly investigate these matters and take appropriate action to rectify the situation and ensure that justice is served. I am the Founder and former 100 percent shareholder (holding 45,000 ordinary shares since 2004) of the business entity known as B-BOVID LIMITED until September 17, 2018,” the petition read in part.
The petition added that, in an effort to promote B-BOVID’s vision as a social impact investor, an organization called Moringa became equity investors. “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. Due to numerous instances of unfair and oppressive treatment, the situation became unbearable, and we entered into arbitration to address the various issues. One of the key concerns is the presence of harsh, onerous and one-sided terms in the investment agreement, which solely favoured 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, 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,” it further said.
What is perplexing and unbelievable, the petition said, 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,” he said in his petition.
Attached is the petition filed by the complainant.
