DJ Chairman/Ashanti -3: Chairman Also Ghana's Min Of Finance
Peprah is also Ghana's Minister of Finance, appointed to the post after becoming Ashanti chairman. He sits on the board along with the two official government representatives to Ashanti.
Thursday evening, the Ghanaian government made a statement on public television and radio, attacking the Ashanti board of directors.
"It is the government's view that the board of AGC hasn't exercised to its fullest ability the authority conferred on it by shareholders to resolve its problems and ensure continued and sound returns on their investment in the company," the statement, read by Ghana's communications minister, said.
The Ghanaian government, which has a 20% shareholding in Ashanti and a golden share, criticized the board on a number of accounts. It said Ashanti was biased towards its largest shareholder, the U.K.'s Lonmin PLC (U.LMI), with whom it had started merger negotiations last year. Lonmin holds 32% of Ashanti.
All Ashanti shareholders should come to a planned EGM, the government said. It said it was in support of a bid to put in place a new board of directors "which will cater for the interests of all shareholders."
Got my package from Milberg Weiss today . . .appears to oreally go after Keatley, as having issued positive statements about the wonderful, protective hedge program when it was starting to fall apart . . . complaint states that it resulted in artificially inflated the price of ASL stock. However, it is a VERY NARROW period and I have to wonder if the court will allow it . . .it's only for shareholders who bought between July 28, 1999 and October 5, 1999, barely more than two months. FYI, the suit is Furman V. Ashanti, Jonah, Keatley & Schultz.