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Former Hearts chief Al Wahab brands club's shareholding system as fraudulent

By ghanasoccernet.com
League Report Former Hearts chief Al Wahab brands club's shareholding system as fraudulent
SEP 26, 2016 LISTEN

Former Hearts management member Al Wahab has branded the club's shareholding system as fraudulent and criminal insisting shareholders must take the leadership of the club to court.

According to Al Wahab, the majority shareholder and the board chairman of the club Togbe Afede XIV is milking the fans of the club who bought the shares calling on them to take the matter to court.

Al Wahab argues that since the club floated shares about six years ago, none of the shareholders has even received a text message indicating the dividends they have on their contribution hence lacking transparency in their operations.

"Hearts of Oak's shares flotation is fraudulent because the 100% shares of the team is not known. Only a fraction of it were made known and Togbe bought a greater quantity of that fraction and not the entire shares," Al Wahab told Boss FM in Kumasi.

"If the club floats the entire shares, many more people can come on board and that can unmake Togbe the majority shareholder.

"Since the club floated the shares for over five years now, nobody has received a single text message indicating his share of dividends on his shares. So how can it be a shareholding system?

Al Wahab believes that it is only a camouflage strategy the leadership of the club is using to scare the ordinary fans away with the consistent calls that Togbe is the majority shareholder and owns the club in that process.

"Imagine you floating shares yet none of the shareholders has even received a letter and the concentration is only on the majority shareholder who has set up his own management to run the club. What about the others who contributed their penny as shareholders?

"Is it not a criminal offence? The other shareholders have even taken too long to take this matter to court," he concluded.

The troubles of the Phobians keep aggravating since they floated shares as the club has been struggling to win the Ghana Premier League all this while to no avail.

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