Nguvu Holdings Limited and Nguvu Mining Limited have strongly disputed allegations of a US$224 million share fraud involving their Director, Moses Bosompem, describing the claims as false, misleading and prejudicial.
The companies’ response follows a publication by Ghana News Online on August 24, 2026, which reported that Mr Bosompem had been arrested at the airport over an alleged share fraud involving Adamus Resources.
In a detailed rejoinder, the companies said the publication had wrongly linked Mr Bosompem’s reported arrest to an alleged share fraud, insisting that he had not been convicted or publicly charged with any such offence.
They argued that the absence of publicly disclosed charges made it inappropriate to portray the reported arrest as evidence of a US$224 million fraud or an unlawful takeover of Adamus Resources.
Companies challenge interpretation of Australian court case
Nguvu Holdings and Nguvu Mining also took issue with the interpretation of an Australian court judgment cited in the publication.
They referenced the case Morrison v Woodthorpe [No. 3] [2022] WASC 454, delivered by the Western Australian Supreme Court on December 22, 2022.
According to the companies, the case primarily concerned changes involving the directors and secretary of Adamus Resources Pty Limited, an Australian proprietary company, rather than determining ownership of Adamus Resources Limited in Ghana.
They further maintained that the judgment did not determine the validity of a November 7, 2022 share-transfer form and did not establish that Mr Bosompem had acted fraudulently or committed a criminal offence.
Nguvu said records from the Australian Securities and Investments Commission (ASIC) showed that Mr Bosompem was appointed Director and Secretary of Adamus Resources Pty Limited on October 20, 2022.
The companies said relevant corporate records had been submitted to the appropriate authorities.
Ownership claims disputed
The companies also rejected suggestions that shares associated with Paul List or Allan Morrison had been secretly taken or unlawfully transferred.
They maintained that Adamus Resources Pty Limited in Australia was wholly owned by Nguvu Holdings Limited and not by Mr Morrison or Mr Paul List.
According to their account, Adamus Australia had undergone significant corporate changes following Endeavour Mining’s acquisition of the formerly listed Adamus Australia in 2012.
They said Adamus Australia subsequently sold its entire interest in Adamus Resources Ltd to Endeavour Mining Limited before being delisted.
Nguvu further claimed that Mr Morrison’s appointment as a director occurred while the Australian company was being wound up and was intended to facilitate that process.
The companies described Adamus Australia as a shell company which, following its delisting, had not maintained a bank account or employees.
They also disputed claims regarding Mr Morrison’s alleged involvement in the management of Adamus Resources Limited in Ghana.
Nguvu questions US$224m figure
A major point of contention is the US$224 million valuation cited in the report.
Nguvu Holdings and Nguvu Mining rejected the figure, arguing that it did not represent the value of the shares, the consideration for any share transfer, or money received by Nguvu Mining, Mr Bosompem or Angela List.
The companies therefore described the reported US$224 million figure as inaccurate and said it should not be presented as evidence of a financial transaction involving the parties.
Companies say dispute has been ongoing
Nguvu further framed the matter as part of a longstanding corporate and family dispute involving Paul List and Angela List, whom the companies said are separated spouses.
They alleged that the dispute was being pursued through other individuals and expressed concern that a corporate-control disagreement was being presented as a criminal matter.
The companies claimed that litigation relating to the dispute had been ongoing in Ghana since 2021 and that several decisions had been made in favour of Adamus Resources Limited.
Call for impartial probe
Against this background, Nguvu Holdings and Nguvu Mining have called on the Ghana Police Service to conduct any investigation impartially and to examine information submitted to public authorities in connection with the matter.
They also demanded that Ghana News Online retract the publication, publish their rejoinder with equal prominence and refrain from presenting allegations that have not been proven in court as established criminal conduct.
The companies further appealed to the National Media Commission and the leadership of the Ghana Journalists Association to promote greater adherence to professional standards in reporting.
They concluded by reserving all their legal rights in connection with the publication and the allegations.
