Court winds up Q-net Investment as AG petitions

The High Court(Commercial Division) presided over by Justice Jennifer Abena Dadzie has winded up the operations of Q-net Investment Limited.

This follows a petition filed by Attorney General, Godfred Yeboah Dame per Section 84 (1)  of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015) indicating that Q-net operated in a manner that qualifies it as a Ponzi Scheme.

Q-net operated mainly in the Ashanti, Western, Eastern, and Ahafo regions in fraudulent schemes which required patrons and subscribers to buy certain items online for high and outrageous profits.

To become a member, one was required per the scheme to purchase online items between GH¢5,000 and GH¢15,000.

Therefore in his petition, the Attorney General noted that the operations of the company were detrimental and not in the interest of the nation and its constitution.

Additionally, the petition said that the company, which has its headquarters in Hongkong, has branches in other West African Countries, and has its Ghanaian branch dominated by Togolese, Ivoirians, Nigerians, etc.

Also, the AG indicated in the petition that Q-net’s operations pose a security threat to the country’s peace, and stability per the illegal manner in which its operations are being carried out and thus needed to be wound up.

The Attorney General thus sought from the court among others, an order for the winding up of Q-net and an order restraining 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.

Moreover, the Attorney General summoned and provided corroborative statements from two witnesses on how Q-net promised to give them nonexistent jobs in the oil and mining sector in the Upper West Region after paying between GH¢5,000 and GH¢15,000.

In its judgment, the court upheld and granted the Attorney General’s pleas and duly wound up Q-net Investment Limited and also restrained all its directors, members, and officers from exercising any powers that pertained to the running of the company