Chairman and Chief Executive Officer of Quick Angels Limited, Emmanuel Lamptey, has strongly rejected allegations made by a shareholder of Dominion Paint Manufacturers, insisting that the company’s ownership and management decisions followed due process under a joint venture agreement.
Speaking in an interview, Lamptey explained that Quick Angels entered into a joint venture with Dominion Paints in 2019 after the company’s founder, Stephen Komla Adom, sought investment support.
According to him, the original shareholding structure—60 percent held by Adom and 40 percent by his then wife—was significantly diluted after Quick Angels injected capital into 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,” Lamptey stated.
He noted that the investment went beyond the initial US$300,000 requested by Adom, explaining that additional capital was required after on-the-ground assessments revealed the need for major infrastructure development, equipment upgrades, and operational restructuring.
Lamptey also addressed claims that Quick Angels failed to deliver on its financial commitments, insisting that all funds were duly transferred and utilized in transforming the factory.
[caption id="attachment_70724" align="aligncenter" width="300"]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.
Emmanuel Lamptey, Chairman and CEO- Quick Angels Limited[/caption]On management changes, Lamptey justified the decision to ask Adom to step down as CEO, citing concerns about lack of focus and poor 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 stepping down from the executive role, Adom retained his position as a board member and shareholder, Lamptey emphasized.
The Quick Angels CEO further disclosed that disputes over control of the company escalated into legal action, with the firm securing a court injunction to restrain Adom from interfering in 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 noted.
Lamptey also alleged that the ongoing dispute has crippled operations at Dominion Paints, leaving the business largely non-operational amid litigation and internal conflicts.
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, the founder and former CEO of AGATEX Paint, Stephen Komla Adom, has publicly accused Quick Angels Limited and other parties of orchestrating an unfair takeover of the company, describing the investor as “greedy.”
According to media reports, Adom has made a series of allegations claiming that the takeover process was marked by questionable practices. He has also implicated several private individuals and government officials in the dispute.
The controversy has generated widespread attention online, with videos and social media posts amplifying the founder’s grievances and fueling public debate over control of the company.
The dispute remains subject to ongoing court proceedings and mediation efforts.
Dominion Paints Manufacturing Industries Limited, commonly known as DOPAMIL and best known for its flagship Agatex Paints brand, was founded in 2019. The company operates a production facility in Ghana’s Volta Region and produces a range of products including acrylic, emulsion and gloss paints, as well as related coatings, adhesives, and solvents.
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