TXT Group, Nyinah Impasse Resolved Amicably

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The shareholder dispute between TXT Group BV in respect of the ownership of GOIL shares which ended up at the Securities and Exchange Commission (SEC) after a formal complaint was filed by Mr. Patrick Kingsley Nyinah has been settled.

This was contained in a press release issued by the Chief Executive Officer of TXT Group BV, Nii Sodza Laryea.

TXT Group BV further announced that as a result of the settlement, the matter had been withdrawn from the SEC, whose Director-General, Rev. Alfred Obarmey-Tetteh, had been put under a microscope in the media for possible complicity.

“The SEC was very neutral and totally unbiased and we want to thank the SEC and it’s Director-General for the high level of professionalism exhibited in this matter, which contributed significantly to the positive outcome of negotiations between the parties,” according to Nii Sodza Laryea, in a rebuttal of this presumption.

The settlement paves the way for Mr. Nyinah, a private businessman, to exclusively deal with the shares in his capacity as the bona fide owner of the said shares in GOIL limited.

TXT Group BV also commended Sory@Law, Africa Legal Associates and Gyandoh Asmah and Co. for the various roles they played in a peaceful resolution of the impasse.

Background

Mr. Nyinah was not happy about that fact that TXT Group BV was going to dispose of the shares it had acquired at Ghana Oil Company Limited (GOIL) because he was entrusted to hold the shares for TXT Group BV.

Mr. Nyinah wrote to the SEC on why the Strategic African Securities should not be made to transfer TXT Group BV shares at GOIL to Republic Bank Limited (Custody Services).

SEC went into the issues raised by both TXT Group BV and Mr. Nyinah and helped the parties to reach amicable settlement which has described as fair to all those involved in the process.