Aggrey continues evidence on his 20% share in MTN

The 20% shareholder in Scancom, operators of MTN, Mr. Richard Aggrey last Friday, continuing with his evidence told the court that he played a major role in trying to resolve a legal action which was being taken against the mobile telecommunication company by Grandview Management Ltd, a company he had made trustees of his shares.

This action, he noted was highly recommended by the major shareholders of the company, Investcom Consortium Holdings SA (now Investcom LLC) of Beirut.

Mr. Richmond Aggrey has sued Investcom Consortium Holdings SA (now Investcom LLC) of Beirut, Scancom and Grandview Management, seeking a rectification of Scancom Ltd to include his name and restore him to his position, not only as shareholder but also as a director of the company.

Continuing with his evidence, he told the court that following a solution to the suit, he, together with the shareholders decided that it was time to resolve the biggest issue at hand, regarding threats against him by former President J.J Rawlings.

It was at this stage, he noted, that they all agreed that Grandview be given the opportunity to manage his shares.

As a result of this, he was made to sign a Memorandum of Undertaking as a trustee of his shares after which a copy was sent to Investcom's base in Beruit, where they had access to the former President through their own network.

Following the receipt of the memorandum, an arrangement was made for a high powered delegation to visit Ghana and by protocol sought to meet with the President.

After the meeting with the ex-President, at which Mr. Aggrey was absent, one of the people present at the meeting, Mr. Chris Wilmot, narrated to him how the meeting went. He was told that the ex-President accused him as having defrauded Ghana.

Narrating further, Mr. Aggrey indicated that various plans were put up as part of efforts to deceive the ex-President that he had really sold off his 20% shares and also shielded his shares.

Among the plans was a decision that Investcom had taken over his shares from Grandview. As it would be difficult for people to doubt it, he therefore transferred the shares to Investcom for safe keeping and also it was agreed that his shares would be transferred back to him after the ex- President leaves office.

At the time the transfer of shares was made, Mr. Aggrey stated that he raised the issue of cash call but it was unfortunate that the agreement on the issue did not occur.

In accordance with the cash call it was adjusted to 1% and again adjusted to 5% without any notice to him. He then raised the issue with Investcom and was assured that any worries he had would be resolved and that at that period the bigger matter of dealing with threats from the ex-President was far more important for immediate resolution.

He indicated that with this assurance, he knew his request would be adjusted in due course.

Mr. Aggrey's contention was that his name had been removed from the shareholders' list of Scancom without any explanation, adding that the particulars of the directors and shareholders of Scancom obtained from the Registrar General's Department, dated June 2, 2006, and signed by Mr. K.A. Ohene-Obeng, a Chief State Attorney, for the Registrar of Companies, showed that his name was not included in the shareholders' list.