Attorney-General (A-G), Godfred Yeboah Dame
The Commercial Division of the Accra High Court has ordered the dissolution of Quest Net Limited (QNET) for engaging in dishonest, illegal and fraudulent business activities.
This followed a petition filed by the Attorney-General (A-G), Godfred Yeboah Dame, seeking the dissolution of the network marketing company for operating in a manner akin to a Ponzi scheme.
In a judgment dated July 20, 2022, the court, presided over by Justice Jennifer Abena Dadzi, upheld the arguments made by the A-G.
“It is hereby ordered that the respondent, QNET, be and is hereby wound up,” the presiding judge upheld.
Aside from dissolving QNET, the court also restrained the directors, members and officers of the company from exercising any powers that pertained to the running of the company under the then Companies Act, 1963, Act 179, under which QNET was incorporated.
Petition
In the petition, filed under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015), Section 84 (1) of Act 1015, the A-G said investigations by the National Security Council Secretariat disclosed that QNET operated in a manner akin to a Ponzi scheme by luring clients to make deposits and investments with the company, which they eventually lost.
Mr Dame indicated that QNET mainly operated in the Ashanti, Western, Eastern and Ahafo regions and engaged in various “fraudulent schemes”, such as inviting the public to buy products for outrageous and non-existent…
