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| CEO of US Group, Chief Godfred Mediciné |
US GROUP of Companies, an indigenous company owned by one Chief Godfred Mediciné, has reportedly locked up investments belonging to a lot of Ghanaians.
Daily Guide's investigations indicated that the company had for the past four months virtually confiscated millions of Ghana cedis, belonging to unsuspecting clients who invested in various schemes started by the company about 10 months ago.
The company, which has offices in the Volta, Eastern, Ashanti and Greater Accra regions, promised their clients incredible profits which are now failing to materialize.
Chief among the schemes that were used to siphon the hard-earned income of clients were the Tilapia Investment Module and Money Investment Module under the US Farming Project. Clients were said to have invested amounts ranging from GH¢100 to over GH¢100,000.
The unsuspecting victims claimed they were promised interest of between 96 percent and 120 percent over six to 12 months period.
However, when the date for redeeming their investments was due (somewhere in June and July), not even a pesewa had been paid to the investors. More so, a four-percent default interest which was supposed to be paid on the investments every month had not been paid till date.
A visit to the Ho office of the company, where thousands of clients were affected, depicted a heartbreaking picture.
On the average, about 60 people visit the company’s office daily to make their claims but end up unsuccessful with different excuses. The situation at the company’s head office in Accra, a few meters from the Nungua Barrier towards Sakumono, has also witnessed the same spectacle.
This paper gathered that in August this year, the company issued post-dated Fidelity Bank cheques to its numerous clients which were bounced when the clients went to cash the cheques from their respective banks.
A suspicious feature on the cheques was that all had one signatory; a development which bankers alleged, cast doubt on the genuineness of the company.
This is because common business law precludes companies from having one signatory to their bank accounts. After the cheques bounced, the company recalled all of them but as some complied, others refused
Since then, clients have been receiving text messages apologizing to them and re-arranging several dates for collection of claims which have all turned out to be a wild-goose chase.
The last pay date promised was ending of October. Before the month could end, in another attempt to massage tension and delay payments, the company’s lawyer, Modesto Kpodovia of Providence Law Consults, wrote to all the investors and partners and told them of how and when the company intended to pay them.
The letter which was clearly fraught with mistakes stated that clients would be paid half of their money by December 23,while the other half would be paid on April 15, next year.
Clients Cry
Clients said they had caused the arrest of the Francis Dzanku, manager of the company’s office in Ho but he had been discharged on bail.
Arku Roland, a victim, said he took a loan to invest and make profits “but all has come to naught while the loan company is chasing me here and there.”
Anthony Mensah Attipoe, a business man, noted that he withdrew almost all his cash and invested it in order to expand his business after the returns from the first six months. However, the refusal of the US Group to pay him back has collapsed his fast food and provisions outlets.
Many more clients, including pensioners, lecturers of the Ho Polytechnic, students, farmers, single mothers and the like had their own stories to share.
Lack of Authenticity
The US Group of Companies, according to its website, has about 38 subsidiaries operating a restaurant, micro-finance, money lending firm, farms, car rentals and a radio station among others. It also says the company was founded in January 2008 by Chief Godfred Mediciné and incorporated by the Registrar General’s Department on June 2008.
However, the Facebook page of the company, which is managed by the Group’s Public Relations Officer, Pastor Kojo Quarshie Jnr, says it was founded in 2007.
As of March 2013, when the latest list of registered finance-related companies was released by the Bank of Ghana (BoG), none of the finance-related subsidiaries of the US Group of Companies had been registered.
The US Group’s Money Lending Company had no postal address, according to the September 2012 provisional list of the BoG.
Checks
A check into the background of the company revealed that the US Group of Companies used to be Unique Shepherd located at Nungua in the Greater Accra Region. The CEO, whose name has interestingly changed to Noble Chief Godfred Mediciné, used to be known as Godfred Atike Adonu, a native of Dzita-Agbledome in the Keta Municipality.
A source also alleged that Chief Medicine was once prosecuted for similar reasons some years ago.
Earlier this year, the CEO launched a book (his autobiography) titled, “Zero to Hero” and has been a regular host on some television and radio shows where he is portrayed as an inspiration to young people.
Antics
When DAILY GUIDE visited the Ho office on October 10, a gentleman in the manager’s office who gave his name as Jonathan declined to comment on the matter and insisted the reporter should leave his contact to be called later by the appropriate officer.
Interestingly, Pastor Kojo Quarshie Jnr and another senior staff, Bright Senanu, gave similar assurances but efforts to contact them for two whole days proved futile.
Disguised Visit
This reporter disguised himself as a disgruntled client and went to the head office of the company where he met an officer from the client relations department by name Henry Tetteh.
He explained that monies received from clients under the tilapia investment and cash investment modules of the US Farming Project were invested in fish farming.
However, the company was unable to get good market for the fish to make the expected dividends so it could pay its clients as promised. As a result, it has resorted to retailing the fish. So far, it has purchased cooling vans and built cold stores across the country to retail at better prices to be able to pay back their clients.
Finally when the reporter ingeniously contacted Corporate Affairs and Clients Relations Manager, Dela Tengey, he admitted that the group had not been able to pay most of its clients but added that some clients had been paid based on their peculiar situations.
Business Partners
Mr Tengey chose to describe the clients as partners. “The clients are not investors. They are partners from whom we borrowed money to farm on their behalf.” More so, “US Group is not operating any subsidiary by name US Microfinance, that one was stopped about two years ago.”
Interestingly, the agreement form for the Tilapia Investment has the stamp US Tilapia Investment Project. The bounced cheques bore the name US Microfinance Company Limited, a name which is not in operation as mentioned by Mr Tengey and also not licensed by the Bank of Ghana.
Receipts issued to clients had payments christened as Tilapia Investment or Cash Investment. Also, letters written by the company’s lawyer and other documents referred to clients as investors/lenders and not partners.
Concerns
It is on record that the company has, for the past year, received hundreds of Ghana cedis if not millions from the public without a caveat. The question some concerned Ghanaians are asking is; who was monitoring the money the US Group of Companies was receiving and what policies were in place for such a business which had been disguised as a fish farming investment?