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| (Nana Appiah Mensah, CEO of Menzgold) |
Nana Appiah Mensah, the Chief Executive Officer of the defunct gold dealership firm Menzgold, commonly known as NAM1, has expressed his surprise and announced his intention to seek a refund from the police for the money he had deposited.
His statement follows his discovery that the GH¢5 million he provided to the police, intended for disbursement to verified customers, had been deposited at the Bank of Ghana under the court's attention. NAM1 has stated that this arrangement was not what he had agreed upon with the police, and therefore he intends to retrieve his funds.
READ ALSO: "Court Will Decide Disbursement of NAM1's GH¢5 Million" - Police Service
This statement from NAM1 comes in response to the police's announcement that the GH¢5 million has been deposited into the police exhibit account at the Bank of Ghana, specifically for the court's attention. The police further clarified that the court will determine how the GH¢5 million will be disbursed to the affected customers. It is important to note that NAM1 is currently facing 39 counts, including charges of defrauding by false pretenses, engaging in gold trading without a license, and money laundering.
READ ALSO: Menzgold Limited Commences Payments To Clients
Meanwhile, the Attorney-General and Minister of Justice, Godfred Yeboah Dame, has assured that justice will be served to all Menzgold customers. It should be recalled that in 2018, the Securities and Exchange Commission (SEC) instructed Menzgold to suspend its gold trading operations with the public.
READ ALSO: BoG Convinced Me To Consolidate My Businesses - NAM1
The SEC stated that Menzgold had been involved in purchasing and accepting deposits of gold collectibles from the public while issuing contracts with guaranteed returns, despite lacking a valid license from the Commission. This contravened "section 109 of Act 929 with consequences under section 2016 (I) of the same Act," as clarified by the SEC.
The situation surrounding Menzgold continues to be a matter of legal proceedings, as various stakeholders seek to address the issues raised by the company's operations. Transparency, adherence to the law, and fair resolutions are vital to ensuring the protection of customers and upholding the integrity of the financial system.
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