Osei Kwame Despite, arguably one of Ghana’s foremost businessmen, has denied purchasing some prime state properties belonging to the State Insurance Company (SIC), reportedly sold by management under some controversial circumstances.

This denial comes in the wake of SIC management and board, snubbing an injunction secured by a shareholder of SIC Insurance PLC against the election and ratification of Board Chairman, Dr Rauf Audu, and Acting Managing Director, Hollister Duah-Yentumi, at the company’s 2024 Annual General Meeting (AGM), scheduled for yesterday, Tuesday, December 17, 2024.

The sale of the properties, appointments and promotions, have been cited as, among the many reasons why the management, the board and other shareholders, snubbed the court order and held the AGM even in the face of the agreement between the John Mahama and Akufo-Addo transition teams.

Daniel Ofori, the third-largest individual shareholder, holding 11,570,515 shares (5.91%) and representing Minority shareholders on the SIC Board, contested a board communication declaring him ineligible for re-election—a decision he claims contradicts the rules laid down by the National Insurance Commission (NIC).

According to the 62-year-old owner and Chief Executive Officer (CEO) of Despite Firm Ltd, a trading company with subsidiaries in the media industry, including UTV, Peace FM, Okay FM, and Neat FM, all in Accra and Hello FM in Kumasi, someone made him an offer to buy some of the SIC properties, but he turned them down.

The Wednesday, May 22, 2024 edition of the Daily Graphic newspaper, advertised the disposal and redevelopment of the SIC properties, including a residential land at Denyame – Kumasi, a Guest House at West Nhyiaeso – Kumasi, another residential property at West Nhyiaeso, a residential property at Osu – Accra, Warehouse Facility at Tema Industrial Area for sale.

The properties, were offered for outright sale or joint ventures.

Some of the state properties, especially those in Kumasi in the Ashanti Region, have been linked to Osei Kwame Despite as the buyer, however, his son, Kennedy Asante Osei, yesterday told The Herald in a telephone conversation, that his dad rejected the offer to buy the SIC properties, because he is averse to buying state properties.

Another residential land at West Nyiaeso, in Kumasi, was also offered for the Joint Venture, a Commercial Property at Cantonments – Accra, was also offered for a joint venture, a residential property also at the Cantonment was offered for a joint venture, a Commercial Property at Ridge – Accra was offered for a Joint Venture. One other Commercial Property at Kinbu –Accra, also went for a joint venture while another commercial property at Labone in Accra, also went for a joint venture.

The advertisement in the national daily, inviting interested parties was made by a company called KOA CONSULT, with its telephone numbers; 0302224464 or 0552879884, which is registered in the name of one Kafui Agbosu. Besides the call, the company directed those invested to visit its office at No. 17 Sapele Loop, Kokomlemle, Accra.

Kennedy, told The Herald, that the family often gets such offers, but Osei Kwame Despite, turns them down when they come through agents, and auctioneers among others.

Kennedy mentioned that the offer was made just around the time that the management of the Social Security and National Insurance Trust (SSNIT) offered to sell 60%percent of its stake in six hotels to Bryan Acheampong, the Member of Parliament (MP) for Abetifi. He could not remember who made the offer to the family.

The Commission on Human Rights and Administrative Justice (CHRAJ) was petitioned to investigate and stop the sale of six hotels, including Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel to the Abetifi MP.

While, revealing that the agent of SIC made contact with him and not his father, Kennedy insisted, “It is not true. The fact that it’s even state-owned, he is not interested. He personally, he tries to avoid those stuff…” adding he “won’t even make” the mistake of buying for someone.

He asserted that his dad “…doesn’t front for someone also. He is not political or….he doesn’t have interest in those kind of things, and whatever, he owns, it’s obvious it’s his”.

Yesterday, the AGM was held at the Assemblies of God Auditorium, Ridge, where the positions of Board Chairman, Dr Rauf Audu and Acting Managing Director, Hollister Duah-Yentumi, were ratified.

Interestingly, ahead of their refusal to obey the court injunction, their competencies in insurance and governing matters, had been questioned.

Additionally, claims were that these individuals, were not qualified for the positions they hold and have since not been given approval by the insurance industry regulator, the National Insurance Commission (NIC) as such were not in good standing with the NIC.

Before the approval, the managing director, made some changes across the company, putting square pegs in round holes, which continue to affect the company’s progress.

Names such as, Ishaque Kojo Essel – head, of HR (reported for work on 09/12/24), Benjamin Sowah Ako – head, of transport, Edwin Baffuor – head of Corporate Affairs and Baffuor Takyi-Asiedu for clinic administrator.

Other allegations such as targeted transfers, unmerited promotions and direct interference in specialised professional areas within the SIC group have caused agitations among staff.

There are suggestions that the court must be used to annul the Board Resolution by using the same process, another AGM, to overturn it.

Hollister Duah-Yentumi, was appointed by the Akufo-Addo government this year, but her appointment was not ratified by the shareholders.

The Securities & Exchange Commission, also did not approve her appointment, because the approval was subject to the NIC approval.

Aside from the appointments, there are reports about the disposal of assets at SIC, including the SIC executive residence in Kumasi, and the SIC area manager’s residence sold to the same person again through the same medium. Another SIC residence in London, UK, has also reportedly being sold.