It is emerging that Rosy Royal, the purported Indian Partner in Ghana’s new gold refinery may have been allegedly used as a smokescreen to shield the real owners of the company.
According to research and analysis conducted by Vice President of IMANI Africa, Bright Simons, Rosy Royal has neither the technical expertise in gold refinery nor the financial power to undertake such an investment.
The company based in Ahmedabad, India specializes is stone quarrying and has no experience in gold and gold refining business not in India or any part of the world.
“It has no experience whatsoever in sophisticated gold refining at all. Nestled in a small unmarked corner of a non-descript building in one of Ahmedabad’s less fashionable districts, it specializes in stone quarrying for tiles production, not gold,” Bright Simons wrote.
In addition, Bright Simons alleges no official of Rosy Royal was involved in the setup of the company. The Indian company has no personnel appointed to the board or management of the new refinery.
He alleged, “It has not assigned any management or board personnel to the company, and it does not appear to have been involved in the actual technical setup, seeing as it doesn’t even have the expertise in refinery management. The current chairperson of Royal Ghana is a senior ruling party politician, well known as the party boss of the Eastern Region, from where the president and key members of his administration hail. He was presumably given the role because he also chairs the board of the PMMC. The technical brain behind the entire operation is a certain Sandeep Chadha, a consultant at Rare Tech Projects.”
The tech innovator further discloses that upon scrutiny of the financials of Rosy Royal, it’s not possible that they are the real investors holding the 80% stake in Royal Ghana Gold Limited. Bright Simons alleges they have no financial power and have never undertaken any such investments in any part of the world.
“In the time period corresponding to the setup of Royal Ghana Gold Limited, Rosy Royal has made no overseas investments, certainly none to the magnitude of $20 million to $25 million as the newly launched refinery is said to have cost. Nowhere does Rosy Royal disclose this massive investment outlay. It is not reflected in its assets, borrowings, or anywhere else in its books over the relevant period,” he indicated.
“In fact, there is no trace whatsoever of any investment in any kind of subsidiary, related party, or joint venture in its recent accounts. Nothing. Nada. Zilch! From the information available on Rosy Royal, we are fairly confident in our analysis that it IS NOT the financial investor in Royal Ghana Gold Refinery,” he concluded.
The revelation by Bright Simons and IMANI Africa begs the question “Who are the real owners of the 80% stake in Royal Gold Ghana Limited?”
