K. K. Sarpong does not benefit from or own Fueltrade

K. K. Sarpong does not benefit from or own Fueltrade
Source: Ghana | Myjoyonline.com| NSA
Date: 26-04-2019 Time: 01:04:45:pm
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Bulk oil distributor, Fueltrade has refuted claims by Senior Vice President of policy think tank, IMANI Africa that it is owned by the CEO of the Ghana National Petroleum Corporation (GNPC), K. K. Sarpong.

While addressing issues concerning Ghana’s oil resources at a press conference in Accra on Thursday, Kofi Bentil expressed concern at how oil exploration company, Aker Energy may be disregarding Ghana’s laws due to its political connections.

According to Mr Bentil, one of the original partners of its predecessor company Fueltrade Ghana Ltd., is owned by Dr. Sarpong.

He said the CEO’s involvement with the company raises questions.

But Fueltrade in a press release copied to Joy News denied Dr Sarpong’s involvement in the company.

The statement said Fueltrade Ltd wishes to state that its shareholders are Messrs Chris Chinebuah and Dzifa French Cudjoe, who have the full legal and beneficial interest in the company.

“Fueltrade categorically states that it is not legally or beneficially owned by Dr. K. K. Sarpong and/or his family.”

The company questioned why IMANI, with all the time it had before the press conference did not verify their claims with the Registrar-Generals office but went ahead to spew such falsehood.


They are “convinced that Imani Africa and Kofi Bentil did not undertake any verification because they set out to act and speak with malice and/or reckless disregard for the truth, in order to achieve a collateral purpose.”

Below is a copy of the full statement:

Defamatory statement made about it by IMANI Africa and Kofi Bentil 

On 25 April 2019, Imani Africa organised a press conference in respect of developments around the Deepwater Tano Cape Three Points Block (DWT/CTP).

Speaking through its Vice-President, Kofi Bentil, Imani Africa asserted that Dr. K. K. Sarpong and his family were the owners of Fueltrade Ltd.

Imani Africa and Kofi Bentil advanced this claim, apparently, in support of wrongdoing they are alleging in respect of the DWT/CPT project. In particular, Imani and Kofi Bentil stated that it was ethically wrong for Fueltrade Ltd, a company allegedly owned by Dr. K. K. Sarpong and his family, to be a partner on the DWT/CTP project.

The clear but unfortunate intention of Imani Africa and Kofi Bentil was to drag Fueltrade Ltd into its accusations of involvement in unethical business practices.

Fueltrade Ltd wishes to state that its shareholders are Messrs Chris Chinebuah and Dzifa French Cudjoe, who have the full legal and beneficial interest in the company. Fueltrade categorically states that it is not legally or beneficially owned by Dr. K. K. Sarpong and/or his family.

Imani Africa and Kofi Bentil had ample opportunity, before the press conference, to verify the ownership of Fueltrade Ltd. They could have verified ownership by engaging directly with Fueltrade Ltd, or by conducting a search into the easily accessible records at the Registrar-General’s Department.

Fueltrade Ltd is convinced that Imani Africa and Kofi Bentil did not undertake any verification because they set out to act and speak with malice and/or reckless disregard for the truth, in order to achieve a collateral purpose.

In pronouncing our company as unethical and as being involved in unethical business (based on untruths) and for ulterior motives, Imani Africa and Kofi Bentil have caused embarrassment and reputational damage to us. We have instructed our lawyers to make a demand for a retraction and apology from them. If no such show of remorse materialises, we will take all steps to protect our business and hard-earned reputation.

Signed by

Chief Executive Officer


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