Accra, June 4, GNA- The High court ruling on the setting up of an Interim Management Committee (IMC) to run the operations of Adamus Mining Resources was to protect the country’s interest.
It is also to help in tracking the volume of gold exported by the beleaguered management of the company.
A statement signed by Mr Solomon Owusu, the Convenor Lands and Mining Watch Ghana (LMWG) and copied to the Ghana News Agency in Accra said the decision to publish the court ruling had been necessitated by a recent press statement issued on Monday March 25, 2025 by Adamus Mining Resources claiming there was no enforceable such ruling since it did not exist at all.
In the said statement, it said Adamus Mining gave contradicting accounts on the setting of the IMC by claiming that the said IMC as ordered by the high court on July 27, 2023 had been appealed only to state again that there was no such records at the high Court as ordered by the court.
“But it should be noted that the aforementioned ruling is currently under dispute and a request for a stay of execution has been filed to prevent the ruling from taking effect”.
“Adamus Resources appealed against the creation of the IMC and won on the basis that the process for which the IMC was created was not properly done. The company has further applied for a stay of execution on the creation of the IMC and so until that is decided on by the court, there is no IMC.”
“But at the heart of this dispute is a legal decision by the High Court of Justice (Commercial Division) on July 27, 2023, ordering an Interim Management Committee to be established to manage the day-to-day affairs of Adamus Resources Ltd (“Adamus IMC”).
Adamus Resources Limited (the Company) is 90% owned by Adamus Australia whilst the government of Ghana owns the remaining 10% shares.
Nguvu Mining Limited registered in Mauritius and ultimately owned by Angela List claims to have acquired the 90% shares in the Company purportedly from Adamus Australia as depicted by the purported agreement signed on November 7th, 2022 and exhibited by parties in the ongoing case.
The share transfer referred to above purports to make Nguvu Mining Limited the majority shareholder (90%) of Adamus Resources Limited per details of the case.
The statement said the Court also ordered for a five member Interim Management Committee (IMC) to direct the management staff of the Company.
The Ministry of Lands and Natural Resources complied with the orders of the Court to appoint Juliet Osei-Wusu (Mrs) as its representative to the IMC on the 5th of October 2023. Mr. Morrison and Adamus Australia by a resolution dated the 27th of July 2023 appointed David Abini and Isaac Ackun as it representatives to the IMC.
According to the statement Nguvu Mining refused to make their appointments to the IMC and resorted to challenge meetings called either by the government representative or the Defendants representatives.
It said following another ruling of the High Court, Commercial Division 7 on the 19th of February 2024, Nguvu Mining Limited forfeited its rights to appoint a member to the IMC when it refused to do so by the 29th of February 2024 and to have its appointee’s name filed with the Registrar on the 4th of March 2024 as ordered by the Court.
“The Acting General Manager (GM) of the Company also forfeited his appointed to the IMC when he failed to file his appointment with the Registrar of the Commercial Court on the 4th of March 2024.
It said the IMC held its maiden meeting on the 7th of March 2024 to appoint new lawyers for the Company at the time when no appeal or challenge had been made against the ruling of the 19th of February 2024.
“The IMC has called on the Acting GM to familiarize themselves with the operations of the Company and to put in place prudent measures for a new direction”.
It said the substantive matter was yet to be heard, and until the final judgment was delivered, the Company would be under the control of the Court imposed IMC.
“However, the Defendants have expressed concern before the Court by filing a number of Applications for Interlocutory Injunctions to ensure that gold mined by the Company was directed by members of the IMC for all revenue to be accounted for whiles members of the board remained restrained.
The statement said the court’s ruling on the setting up of IMC could be found on the penultimate paragraph of page 9 of 10 which states, “Pursuant to the restraining order, this Court makes an order putting in place a five member Interim Management Committee (IMC) to manage the affairs of the 1st Respondent Company.
Each party shall provide two representatives on the IMC….”
GNA