The Minister of Posts and Telecommunications, Cllr. Cooper W. Kruah Sr., has denied holding shares in the Universal Forestry Corporation, as speculated in the media.
Recently, it was reported by the media that the Minister of Post and Telecommunications owns a 5% share in the Universal Forestry Corporation, which constitutes “conflict of interest”.
However, on Friday, July 1, 2022 Minister Kruah addressed the press concerning an allegation of owning shares in a company involved with mining and forestry. He told newsmen that he had 5% share in the company far before he became a minister. He disclosed that the company was established in 1985, when he was not a minister at the time.
“I want to use this medium to set the record straight that there has been an amended Article of Incorporation to the Universal Forestry Corporation, and I relinquished my share,” Minister Kruah explained.
Minister Kruah clarified that his son, Prince Kruah, who is also a counselor-at-law, obtained 15% share in the company after he decided to relinquish his shares due to his appointment as minister in the Weah administration.
The shareholder’s resolution of Universal Forestry Corporation, in the possession of the Hot Pepper, states “Be it resolved that, in keeping with the powers vested in the shareholders of the Universal Forestry Corporation, as in keeping with its Article of Incorporation, the shareholders of the Corporation have agreed and adopted that effective as of the signing of this Resolution, Article I of the precious amendment of these Article of Incorporation shall be amended to reflect the following: the number of share and the percentage of share each subscriber subscribed to shall be as follows: Mr. Ji S Kyung, 70%; Mr. Prince M. Kruah, 15%; Mr. Edward N. Slanger, 10%; and Narayan I vasnani, 5%.”
Partially addressing the issue of conflict of interest, Minister Kruah said, assuming he was still involved with the company, he is working as Minister of Posts and Telecommunications, an institution that is not involved with mining or forestry operation; as such, he wondered why the writer of the story would consider it “conflict of Interest”.
He categorically dismissed the allegation of holding shares in the company, and termed the story as false and misleading. He frowned at the writer for not contacting him before publishing the story, noting that he would have provided all the necessary documents to the paper before the publication.
According to him, it is possible that those who read the misleading article in the media may not read the clarification he has provided, which is tantamount to character assassination.