Chief Executive Officer (CEO) of Quick Angels Limited, Emmanuel Lamptey, has strongly rejected allegations of an illegal takeover of Agatex Paint Company, insisting that all actions taken by his firm were lawful and guided by a binding joint venture agreement.
The claims made by the company’s founder, Stephen Komla Adom, accused Quick Angels of unfairly seizing control of the business. However, Mr. Lamptey maintains that the partnership, initiated in 2019, followed a request by Mr. Adom for financial support to expand operations.
Speaking in an interview, Lamptey explained that before the deal, Adom held a 60 percent stake in the company, with his then-wife owning the remaining 40 percent. This structure changed significantly after Quick Angels invested in the business.
“Following our investment of about $2.5 million, Quick Angels acquired a 75 percent stake, while Adom’s shares were reduced to 15 percent and his ex-wife’s to 10 percent,” he stated.
According to him, the original funding request of $300,000 proved inadequate after due diligence revealed the need for extensive infrastructure upgrades, modern machinery, and operational restructuring.
Lamptey also dismissed allegations that Quick Angels failed to honour its financial commitments, stressing that all agreed funds were disbursed and invested into the company.
“We have evidence, including bank statements and project documentation, to show that the funds were invested into construction, machinery, and operational improvements. What exists today was largely built through our investment,” he said.
Addressing concerns over management changes, Lamptey defended the decision to remove Adom as Chief Executive Officer, citing issues of focus and corporate governance.
“He was not concentrating on the day-to-day management of the company and was pursuing multiple unrelated ventures. As investors, we had to protect the business and appoint a results-oriented CEO,” he explained.
Despite his removal as CEO, Mr. Adom remains a shareholder and a member of the company’s board.
Lamptey revealed that the dispute escalated into legal action, with Quick Angels securing a court injunction to prevent Mr. Adom from interfering in the company’s daily operations.
“You cannot be a minority shareholder with 15 percent and prevent the majority shareholder from accessing the business. That is why we went to court to protect our investment,” he said.
He added that the ongoing legal battle has significantly affected operations, leaving the company largely inactive amid tensions.
“If he can raise the funds, he is free to buy us out. Likewise, he can sell his shares and exit. But we cannot allow the business to be held hostage,” he added.
Meanwhile, Mr. Adom has publicly accused Quick Angels and its partners of orchestrating an unfair takeover, describing the investor as “greedy.” He has also alleged irregularities in the transaction, claims that have drawn widespread attention on social media.
Dominion Paints Manufacturing Industries Limited, established in 2019, operates a production facility in Ghana’s Volta Region. The company produces a range of products including acrylic, emulsion and gloss paints, as well as coatings, adhesives and solvents.
The matter remains before the courts, with mediation efforts ongoing as both parties seek a resolution.