$224M SHARE FRAUD CLAIM IS FALSE – Nguvu Holdings Fires Back, Demands Immediate Retraction
Nguvu Holdings Limited has denied False Report carried by Ghana News Online with
the headline, “Moses Bosompem Arrested at Airport Over Adamus Resources $224m Share Fraud.”
A Rejoinder issued by Nguvu Holdings, the mother company of Adamus Resources on Wednesday described the report as misleading
and calculated attempt to prejudice the public against Mr. Bosompem, Ms Angela List and Nguvu Mining Limited.
“Mr Bosompem has not been arrested on the basis of any share fraud as purported in the publication.
“Following our investigations into the matter related to the publication, we found that one Allan Morrison, working with Paul List and Mike Cooke were behind these publications”, the statement said.
According to the company Per the records of Australian Securities and Investments Commission (ASIC), Mr. Moses Bosompem was duly appointed as the Director and Secretary of Adamus Resources Pty Limited (a registered Australian Propriety Company) on 20th October 2022 adding that the official ASIC register recorded him as the Director and Secretary of Adamus Resources Pty Limited at the time he signed the form and that Copies of such records have been provided to the relevant authorities.
“First, Mr Bosompem has not been convicted of, or even publicly charged with, any share fraud”, Nguvu maintained.
We also demand that Ghana News Online immediately retract the false headline and publication, publish this rejoinder with equal prominence, and desist from presenting unproven allegations as established criminal conduct.
The company is therefore urging Ghana News Online and any other portal that carried it to publish the Rejoinder and give it same prominence failure of which it said it would take a.legal.action against the news portals.
“We also call on the National Media Commission and President of the Journalists Association to instill discipline in some of the media houses who publish such falsehoods for the consumption of the general public.
Below is the full statement
PRESS STATEMENT
REJOINDER: FALSE REPORT OF “US$224 MILLION SHARE FRAUD”
Accra, Tuesday 25th August 2026 – The attention of Nguvu Holdings Limited and Nguvu Mining Limited has been drawn to a publication by Ghana News Online on 24 August 2026 under the headline, “Moses Bosompem Arrested at Airport Over Adamus Resources $224m Share Fraud.”
Mr Bosompem has not been arrested on the basis of any share fraud as purported in the publication. “Following our investigations into the matter related to the publication, we found that one Allan Morrison, working with Paul List and Mike Cooke were behind these publications. The publication is false, misleading and calculated to prejudice the public against Mr. Bosompem, Ms Angela List and Nguvu Mining Limited.
Per the records of Australian Securities and Investments Commission (ASIC), Mr. Moses Bosompem was duly appointed as the Director and Secretary of Adamus Resources Pty Limited (a registered Australian Propriety Company) on 20th October 2022. The official ASIC register recorded him as the Director and Secretary of Adamus Resources Pty Limited at the time he signed the form. Copies of such records have been provided to the relevant authorities.
First, 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.”
Second, the Australian judgment has been materially misrepresented, as it was never concerned with the validity or illegality of the transfer of shares. The case entitled “Morrison v Woodthorpe [No. 3] [2022] WASC 454” was delivered on 22 December 2022, and not two weeks after the 7 November 2022 share-transfer form as the publication claims.
The Australian proceedings concerned the validity of changes to the directors and secretary of Adamus
Resources Pty Limited in Australia. The Court did not determine the ownership of Adamus Resources Limited in Ghana. It did not rule on the validity of the 7 November 2022 share-transfer form. It did not find that Mr. Bosompem acted fraudulently or committed any criminal offence.
Third, no shares were secretly stolen or transferred from Paul List or Allan Morrison. It is pertinent to note that Adamus Resources Pty Limited in Australia is wholly owned by Nguvu Holdings Limited but not Allan Morrison or Paul List. Mr. Morrison was only an employee of BCM Ghana Ltd who was asked to be one of the company’s directors, whilst it was being dissolved. Paul List and Allan Morisson were never its shareholders.
Following Endeavour Mining’s acquisition of the formerly listed Adamus Australia in the year 2012, the Adamus Ghana business underwent a series of internal restructurings and ministerially approved changes of control. Adamus Australia sold its entire interest in Adamus resources Ltd to Endeavour Mining Limited and went on to be de-listed.
Allan Morrison’s appointment as Director of Adamus Australia, was only to temporarily absorb the company from Endeavour mining and to wind it up. Indeed, Allan Morrison is aware and was involved only
with the winding up process which commenced in 2017. The address of Adamus Australia is therefore Allan Morrison’s 2 bedroom house in a suburb in Western Australia. Any suggestion that he had anything to do with the running of Adamus Resources Limited is completely false. Adamus Australia has not had a bank account nor employees since it was de-listed following the sale in 2012. Allan Morrison happened to work for BCM and handled the mail for Ms List at the time and hence her appointing him as a resident director of a company she controlled.
Allan Morrison should be aware that his representation as nothing other than a director of a
shell company is criminal and Adamus resources Limited has commenced both criminal and civil action against him.
Indeed, the Corporations Act of Australia prevents a Sole Director from acting without shareholder approval, unless he is both a sole Director and Sole Shareholder. Allan Morrison has never been a shareholder of Adamus pty and anything he purports to do in the name of the company is unlawful, criminal, and should be treated with the disdain it deserves.
Furthermore, 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.
The Australian Court itself recognised that the litigation arose from the dispute between the separated spouses, Paul and Angela List, and was being conducted through proxies. 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. Indeed, they should be made to prove any financial contribution to the acquisition of Adamus Resources Limited.
This same case, now being meddled-in by the police through Paul List, is already being litigated in Ghanaian courts since the year 2021 with several decisions passed by the Ghanaian courts in favour of Adamus Resources Limited.
We call on the Ghana Police Service to investigate any complaint impartially, and to treat this falsehood as deception of public officers, with the punishment attached to such crime.
We also demand that Ghana News Online immediately retract the false headline and publication, publish this rejoinder with equal prominence, and desist from presenting unproven allegations as established criminal conduct.
We also call on the National Media Commission and President of the Journalists Association to instill discipline in some of the media houses who publish such falsehoods for the consumption of the general public.
Nguvu Holdings and Nguvu Mining reserve all their rights.
