Coppon Wood Processing Company Limited (COK/Company) has stated that they are not aware of some allegations made against Mr Addo Atuah, aformer stakeholder and Board Chair of COK/Company and therefore will not be held responsible for the consequences.
A statement signed by Mr Emmanuel Effah Asamoah, Chairman of COK/Company and copied to the Ghana News Agency in Accra said we dissociate ourselves from the two people wrongfully holding themselves out as COK Shareholders or Spokesmen making false allegations including Addo Atuah and Emmanuel Effah Asamoah, causing harm and/or death of persons who died of natural causes, except one who died in a car accident”.
The statement said: “These two gentlemen acting without COK’s consent inaccurately referred to Addo Atuah as COK’s Secretary/Lawyer, who later stole our Company’s Shares and unlawfully took over COK when it is the case that COK has rather benefitted from Addo Atuah”.
The statement said the duo do not have any authority to speak on behalf of COK, its Shareholders and/or Directors since they do not hold and have never held Shares in COK.
The statement said on 12th January 2022, Addo Atuah resigned as Board Chairman of COK and his Company, Timber & Consulting, gave up all the 75.5% valid Shares held in COK, leaving behind all plant and machinery, vehicles, and 80 acres of land with buildings, and timber concessions to COK.
“Addo Atuah also helped us convert COK’s timber concessions from Government Leases to Timber Utilization Contracts under the new Law, also from his own personal account and has no dealing with COK at this time.
“Addo Atuah first became involved with COK when COK approached Timber & Consulting (T&C) Shareholders, Addo Atuah and Hans Rudolf Loertscher about entering into an Agreement to acquire 51% stake in COK. Later, when Madam Elizabeth Oppong, a Shareholder on behalf of the Oppong Maternal Family sued two of the Shareholders in COK, Alex Oppong and Charles Oppong, her Nephews, contesting COK’s shareholding structure, a Kumasi High Court recognized the Agreement signed between T&C and COK on 14th July 1993 and also the Terms of Settlement in that Case, after COK, struggled to continue its business with its loans of over DEM 4,000,000 and a ban on exporting round log exports as well as lacking any processing equipment, much to COK’s detriment and thus needed a bail out”.
The statement said they then concluded different shares Transfer Agreements over the years, documented, with T&C and tt Timber International Ltd of Switzerland, affecting the existing Shares then in COK and recapitalized the Company as well.
“Addo Atuah, eventually acquired 100% shareholding in their Company, T&C (and 50% of ttL’s 50% stake in COK) which subsequently resulted in T&C owning 75.5% shares in COK.
“COK also appointed Addo Atuah as Board Chairman at another time when COK was in desperate need of sound leadership, paying some company loans with Calbank from his personal accounts, and gave up directors fees of EUR 1,680,000 (Ghana cedi equivalent) and at the time of his exit in 2022”.
21 May 2024
