Togbe Afede’s SAS denies GHS 40m – GHS 100m gain from advisory fees on Gov’t bonds

SAS Finance Group, owned by Togbe Afede XIV, the Paramount Chief of Asogli Traditional Area, has dismissed the claim by TV Host, Paul Adom-Otchere, that it made between GHS 40 million and GHS 100 million in advisory fees on various Government of Ghana Bond issuances since 2014.

The company in a statement issued on Tuesday, August 23, 2022, remarked that assertions made by Paul Adom-Otchere, were false and misleading.

We wish to state that the total fees earned by SAS from these mandates did not amount to, but was actually far less than ¢40million, and thus, cannot be presented as falling between ‘GHS 40million to GHS 100 million’, as stated by Paul Adom-Otchere on the Good Evening Ghana Programme on Metro TV.

“We find the disingenuous attempt by Paul Adom-Otchere to draw SAS and its founder, Togbe Afede XIV, into the current debate about the apparent and patent conflict of interest in the selection of firms to act as Bond Market Specialists very distasteful”, it explained.

It stated the facts as “SAS acted as a co-manager of Government of Ghana Eurobond issuances in 2014 and 2015, and as sub co-manager of the 2019 and 2020 Eurobond issuances.  SAS was also appointed, through a competitive bidding process, as Joint Book Runner (JBR) of the Adinkra Domestic Bond Issuance Programme from late 2015 to late 2017.”

In addition “with regards to the Adinkra Domestic Bond Programme, the mandate of the JBRs expired at the end of 2017. There was an invitation for new tenders thereafter, and SAS submitted a bid but was not selected”.

Black Star Management denies causing $5m financial loss to the State

Meanwhile, Management of asset management company, Black Star, has also debunked various media reportage that it has caused the state to lose some $5 million through the Minerals Income Investment Fund’s (MIIF) investment in Asante Gold Corporation.

Black Star, in a press statement on Wednesday, August 24, 2022, described the media reports as false and misleading.

The reports form part of an orchestrated scheme to push false and misleading narratives about our company. This is patently false and deliberately misleading. Black Star was never engaged by MIIF, as falsely alleged, to advise it on any private placement to do with the shares of Asante Gold Corporation,” stated the statement.

“Management of the Black Star would also like to reassure all stakeholders that they have always adhered to all regulatory requirements and have executed their mandate to the highest standards of practice in the finance markets,” the statement added.