Nguvu Holdings Limited and Nguvu Mining Limited have rejected allegations of a US$224 million share fraud involving their Director, Moses Bosompem, describing a recent publication on the matter as false, misleading and prejudicial.
The companies were responding to a publication by Ghana News Online on August 24, 2026, which was headlined “Moses Bosompem Arrested at Airport Over Adamus Resources $224m Share Fraud.”
In a rejoinder, the companies said Mr Bosompem had not been arrested on the basis of any share fraud and had not been convicted of, or publicly charged with, such an offence.
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They also disputed claims contained in the publication concerning an alleged unlawful transfer of shares in Adamus Resources.
“Mr Bosompem has not been convicted of, or even publicly charged with, any share fraud. The publication itself admits that the CID is yet to provide details of any charges. It is therefore irresponsible for the publishers to report an arrest as proof of a US$224 million share fraud and an ‘unlawful takeover,’” the companies said.
Dispute over Australian court judgment
Nguvu Holdings and Nguvu Mining said the Australian court judgment cited in the publication had also been materially misrepresented.
They referenced the case Morrison v Woodthorpe [No. 3] [2022] WASC 454, which was delivered on December 22, 2022.
According to the companies, the proceedings concerned changes to the directors and secretary of Adamus Resources Pty Limited, an Australian proprietary company, and did not determine the ownership of Adamus Resources Limited in Ghana.
They further said the court did not rule on the validity of the November 7, 2022 share-transfer form, nor did it find that Mr Bosompem had acted fraudulently or committed a criminal offence.
The companies maintained that records from the Australian Securities and Investments Commission (ASIC) showed that Mr Bosompem was duly appointed Director and Secretary of Adamus Resources Pty Limited on October 20, 2022.
They said copies of the relevant records had been provided to the appropriate authorities.
Companies dispute ownership claims
Nguvu also rejected suggestions that shares belonging to Paul List or Allan Morrison had been secretly stolen or transferred.
It said Adamus Resources Pty Limited in Australia was wholly owned by Nguvu Holdings Limited, and not by Mr Morrison or Mr Paul List.
According to the companies, Mr Morrison was an employee of BCM Ghana Ltd who was appointed as a director of the Australian company while it was being wound up.
They said following Endeavour Mining’s acquisition of the formerly listed Adamus Australia in 2012, the Adamus Ghana business underwent a series of internal restructurings and changes in control.
“Adamus Australia sold its entire interest in Adamus Resources Ltd to Endeavour Mining Limited and went on to be de-listed,” the companies said.
They further claimed that Mr Morrison’s appointment as a director was intended to facilitate the winding-up of the company, which they said commenced in 2017.
The companies described Adamus Australia as a shell company and said it had not maintained a bank account or employees since its delisting following the 2012 transaction.
They also disputed Mr Morrison’s alleged involvement in the management of Adamus Resources Limited in Ghana.
Dispute over US$224 million valuation
Nguvu Holdings and Nguvu Mining also rejected the US$224 million figure cited in the publication.
They said the amount did not represent the value of the shares, consideration for any share transfer or money received by Nguvu Mining, Mr Bosompem or Ms Angela List.
“The US$224 million figure has simply been concocted. It is not the value of the shares, the consideration for any transfer or money received by Nguvu Mining Limited, Mr Bosompem nor Ms List,” they said.
The companies further argued that the Australian proceedings arose from a longstanding dispute between Paul List and Angela List, who are separated spouses, and alleged that the dispute was being pursued through proxies.
They expressed concern that the corporate dispute was now being presented as a criminal matter.
“The present attempt to convert that longstanding family and corporate-control dispute into a criminal case gives rise to serious concern that the criminal process is being used by Paul List, Allan Morrison and persons aligned with them to intimidate Ms Angela List to claim control of Adamus Resources through means other than the lawful corporate and judicial processes,” they said.
Call for impartial investigation
Nguvu Holdings and Nguvu Mining said the dispute was already before the Ghanaian courts, where they claimed litigation had been ongoing since 2021, with several decisions in favour of Adamus Resources Limited.
They called on the Ghana Police Service to investigate any complaint impartially and to scrutinise what they described as false information provided to public officers.
The companies also demanded that Ghana News Online immediately retract the publication, publish the rejoinder with equal prominence and desist from presenting unproven allegations as established criminal conduct.
They further called on the National Media Commission and the leadership of the Ghana Journalists Association to take steps to promote greater discipline among media organisations.
“Nguvu Holdings and Nguvu Mining reserve all their rights,” the companies said.
