Member of Parliament for Assin Central Kennedy Agyapong has advised young entrepreneurs and aspiring entrepreneurs to desist from involving family members in their businesses.
The business mogul and owner of Ken City Media claimed that he almost lost four hundred thousand dollars, and all his investment after he joined forces with his sister to establish a company called ‘Hollywood’.
According to him, the money he nearly lost was from the fortunes he got for introducing American Lotteries in Ghana.
Kennedy Agyapong made all these revelations in an interview on the Accra-based YFM’s ‘Beyond Politics’.
“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” said Kennedy Agyapong.
He further claimed that his sister who was the best friend of former president J.J Rawlings’s girlfriend at that time wanted to use their connections at the presidency to intimidate him but he did not back down.