Akanda To Contest Unauthorized Liquidation Of Its Subsidiary, Bophelo Bio Science & Wellness

Akanda Corp. (NASDAQ: AKAN) revealed that the High Court of Lesotho has placed in liquidation the company’s indirect, wholly-owned subsidiary, Bophelo Bio Science & Wellness Ltd.

The action to place Bophelo in liquidation was taken by the Lesotho Court pursuant to an unauthorized application and request that was filed by Louisa Mojela, the former executive chairman of Akanda, who was recently terminated as executive chairman of Akanda, and the Mophuti Matsoso Development Trust (“MMD Trust”), which the company believes was established by Mojela.

Tej Virk, the CEO of Akanda, stated, “The application that was filed by Ms. Mojela to place Bophelo, our wholly-owned subsidiary, in liquidation was taken without Akanda’s prior authorization, knowledge or consent. We therefore have reason to believe that Ms. Mojela’s actions reflect her efforts to retaliate against the company …

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Akanda To Contest Unauthorized Liquidation Of Its Subsidiary, Bophelo Bio Science & Wellness on Benzinga