- The 50 million of discord
- The rights of the new majority shareholders called into question
- The launch of the new Sank Money application in mid-August will be respected
During a press conference held on August 7, 2023 in Ouagadougou, the “general administrator” of the company Sank Business, Sada Zougmoré denounced a publication on social networks by the “former general administrator and co-founder” of society, Jules Kadher Kaboré. For him, this publication tends to question their rights as majority shareholders.
Indeed, in said publication, Mr. Kaboré says that “Sank Business is disengaging from a new application called Sank Money coming from a company called Sank Finance”, with the signature “Jules Kadher Kaboré, Founder/CEO SANK BUSINESS SA” .
Contrary to what Mr. Kaboré says, Sada Zougmoré noted that the latter is no longer the owner of the company. “It should be noted that Mr. Kaboré is no longer CEO of Sank Business. Since 23/12/2022, he sold 80% of the shares to Mr. Nanema Boureima. He (Jules Kadher Kaboré, Editor’s note) is and will remain the co-founder with 20%, ”he said.
About the publication of Mr. Kaboré, Sada Zougmoré says that “the Sank Money application is indeed a product of Sank Business and not of Sank Finance as claimed by Mr. Kaboré”. He adds that Sank Finance is a support project for women and young people with micro-credits. “Since Sank Business is not authorized to do so, we thought of creating Sank Finance for the circumstance”, he continued, ensuring that Jules Kadher Kaboré is informed.
“This publication of Mr. Kaboré who speaks as if he knew nothing despite the fact that he sold the company to us, really denotes the ill will of the latter”, he was offended before add that they will sue him for defamation.
To understand the root of the problem, the speaker of the day returned to their 80% stake in the capital of the company Sank Business and the events that followed.
« A loan of 50 million FCFA to be repaid”
Negotiations for the sale of the company began on November 10, 2022. The signing of the deed of sale took place on 12/23/2022 with the payment of 50 million FCFA. “Article 2 of the said agreement gives all the rights and powers to the majority shareholder as soon as it is signed,” he said.
Mr. Zougmoré says that this operation required a technical and financial audit of the company. “The technical audit revealed many shortcomings and in view of the amendments, an overhaul of the application was necessary. Mr. Kaboré was always informed of this and had to accompany the technical team with all access,” he said.
Regarding the financial audit, he continues, he revealed “very serious shortcomings, all of which led to an amendment of the deed of transfer on 02/24/2023”.
The payment of a loan of 50 million FCFA poses a problem
According to the speaker, the former general manager of Sank Business, refuses to make the transfer. He is asking for the payment of a credit of 50 million FCFA that he had contracted with the Burkinabè Fund for Economic and Social Development (FBDES). “While the fund is suing him for the justification of the use of the funding received, he is putting pressure on us for the payment”, he underlined while adding that this payment “is staggered over five years and not immediately as so claims Mr. Kaboré”.
According to him, Jules Kadher Kaboré must first make the transfer before “the new team” can pay the credit. “When the case went to court, without even waiting for the decision, Mr. Kaboré took care to remove our communication officer from the company’s Facebook page and block all access to the application. Both users and employees have had their accounts blocked. This was the subject of a finding by a bailiff, “he said.
“It is important to note that since January 2023, 8 months ago, we have continued to pay rent, salaries and all company expenses despite there being no activities”, a- he concluded.
T.A
Framed:
“The launch of the new Sank Money application in mid-August will take place”
According to Mr. Zougmoré, as announced, the launch of the new Sank Money application will actually take place in mid-August. He reassured users that this situation will not affect them. “After the transfer, there will be agencies everywhere in Burkina Faso. We have signed partnerships with large structures in order to get closer to the population. The ambition is that in five years, Sank will be part of the daily life of Burkinabè”, he reassured
