The Ghanaian police have announced that the court will determine how the GH¢5 million provided to the police service by Nana Appiah Mensah, also known as NAM1 and the CEO of the defunct Menzgold, will be disbursed to customers. The police confirmed that the amount had been deposited in the police exhibit account at the Bank of Ghana, specifically designated for the attention of the court. This development was mentioned in a press statement released by the police.
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The police clarified that the GH¢5 million is a part of their investigations into petitions filed by customers of Menzgold Ghana Company Limited and Brew Marketing Consult Limited. These petitions are currently being heard in the Accra High Court and target Nana Appiah Mensah, also known as Nam 1, as the suspect. As such, the police emphasized that the court would ultimately decide on the disbursement of the funds.
Menzgold, in a separate statement regarding the release of these funds to the police, explained that the purpose was to facilitate the payment process for verified clients as part of the settlement procedure.
In 2018, the Securities and Exchange Commission (SEC) instructed Menzgold to halt its gold trading operations with the general public. According to the SEC, Menzgold had been involved in purchasing and accepting deposits of gold collectibles from the public, while issuing contracts with guaranteed returns to clients without holding a valid license from the Commission. This action violated section 109 of Act 929, with corresponding consequences under section 2016 (I) of the same Act, as stated by the SEC.
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The involvement of the court in deciding the disbursement of the GH¢5 million demonstrates a legal and transparent approach to address the concerns and complaints of Menzgold customers who have been affected by the company's operations. This process aims to ensure fairness and a just resolution for all parties involved.
As the situation unfolds, customers are therefore advised to stay informed about updates from relevant authorities and follow the legal proceedings. Transparency and adherence to the rule of law are essential for maintaining trust and confidence in the financial system.
SOURCE:
-GHANA WEB- "Court to determine disbursement of NAM 1's GH¢5 million - Police"
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