The Member of Parliament for Assin Central, Kennedy Agyapong has advised young entrepreneurs to stop engaging their family members in their business activities.
According to the controversial MP, he nearly lost four hundred thousand dollars and all his investment after joining hands with his sister to establish a company called “Hollywood”.
In an interview with Accra based Y Fm, he revealed that the money he lost was the earnings he had from introducing American Lotteries in Ghana.
“So my sister went to the Agric Bank for a loan. Dr. Korankye was also from Assin so talking to her, she mentioned my name as her brother and he also acknowledged the fact that I was doing well in my business. My mother convinced me to help my sister to get the loan.”
“First, Dr. Korankye was reluctant in giving her the loan because of her physical appearance so I had to guarantee for her. It got to a point where she realized that the interest rate was so high so she asked me to buy shares in her business and I pumped in $400,000 in 1997.”
“Because I didn’t have time to manage the business and she was doing it, she was just spending the money anyhow without even accounting for it. Because of her attitude, the workers also started doing so which drained the business financially. On top of it all, she took me to court to claim that she was the sole owner of the business and if not for Dr. Korankye who explained how it all started to the judge, that would have been my end” he said.
Source: OccupyGh.com
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