Black Star Company disputes claims that it caused the state to lose $5 million in revenue.

The management of Black Star Company (Black Star Advisors and Black Star Brokerage) has refuted claims that by investing in Asante Gold through MIIF, the company has cost the state $5 million in financial losses.

According to reports in the Ghanaian media, Charles Kofi Adu Boahene, the deputy minister of finance, "is accused by industry players in the [sic] Ghana's oil and mineral sector of using his private company, Black Stars Advisory Limited, to cause financial loss [sic] to the state to the tune of approximately $5 million through the advice the company gave to the Minerals Income Investment Fund (MIIF) to subscribe[sic] to a private placement by Asante Gold."

However, the management referred to this report as "patently incorrect and intentionally deceptive" in a statement released on Wednesday, August 24.

As wrongly claimed, MIIF never hired Black Star to counsel it on any private placement involving the shares of Asante Gold Corporation, the statement read.

Black-Star-Press-Release-on-Daily-PostDownload "We are alarmed by what looks to be a planned operation to spread false and deceptive information about our company. This is merely the most recent in a string of meticulously planned and intentional attempts to seriously hurt the Company and all of its stakeholders. This press release has no bearing on any legal actions that the company or people who were the subject of this false publication may take.

In order to maximize the return to shareholders, the local community, and Ghana as a whole, "ASG's business activities include the acquisition, exploration, evaluation, and development of mineral properties in Ghana, West Africa using, wherever possible, environmentally sustainable methods and protocols."

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The management went on to state that it takes "any claims against it seriously, will evaluate all internal procedures, and will take appropriate action when necessary to secure all its stakeholders."

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