(Horn Diplomat News Desk ) Boodhari Mills sent Somalilnchronicle.com an email in protest of a report on fund raising activities of the company. “I have been alerted to inaccurate information you published this morning about Boodhari Mills. We kindly ask you to remove this misrepresenting information about Boodhari Mill[s]. I have asked an outside consultant to track your IP in the States and individuals that it registered under, just in case we need to go to court in the Western Hemisphere “ wrote Abdi Nur, founder and managing director of Boodhari Group.
The website alleged that the founder of Boodhari Mills is a brother of A retired World Bank economist, who attended one of the roadshows in Hargeisa. The company organised roadshows in and outside Somaliland to sell equity to potential investors. On one occasion the chairman of Somaliland National Electoral Commission attended a roadshow in support of the company business. His name appears in the company leaflets as an investor.
Other anomalies in the capital raising process of Boodhari Mills highlighted by Somaliland Chronicle is the reluctance to disclose how many shares the company had sold so far. This is the type of information a buyer of an equity needs to assess the risk involved in becoming a shareholder of a company registered in Canada.
Somaliland Chronicle calculated historical prices of wheat to arrive at the conclusion that Boodhari Mills may incur losses in the current business environment.
Factual inaccuracies mar the company effort. Boodhari publicised that factory would be built in Berbera but Somaliland Chronicle found out it will be built at Abaarso.