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General News of Tuesday, 15 January 2019


Internationalisation of Menzgold saga a blessing – Lawyer

The lawyer for some distressed customers of the seeming Ponzi scheme, Menzgold, has expressed her satisfaction for the scandal gaining international attention.

Amanda Clinton believes once the international community becomes interested in the saga, it would be easier for the defrauded customers to get their monies.

“It’s a blessing in disguise because, with international help, we can establish financial footprints of money that come from Ghana,” Ms Clinton told the News Desk show on MultiTV.

The lawyer’s optimism follows a police press release in Ghana confirming the arrest of Nana Appiah Mensah, the CEO of Menzgold in the United Arab Emirates.

The arrest is however not linked to what is going on in his home country Ghana, where his company has defaulted in the payments of the 7%-10% per month returns on investors’ cash for more than four months.

The initial capital of the investors is also locked up.

Police say they have they have asked Interpol to track him down but it has been confirmed that NAM1, as he is otherwise known, has been in the grips of the UAE police since December 7, 2018.

Warrant issued for Menzgold CEO's arrest

A high-powered government delegation has been dispatched from Ghana to the Middle East power hub to negotiate an extradition deal with the hope of bringing him to Ghana to face the law.

But Amanda Clinton says her clients are not as interested in seeing NAM1 behind bars as they are interested in getting their monies.

“This is not a personal attack on NAM1,” she told host Bernice Abu Baidoo.

Why has NAM1 been arrested in UAE?

The embattled Menzgold boss was picked by UAE authorities because he was involved in “a deal gone bad.”

According to reports, he had introduced some gold suppliers to some businessmen in Dubai but the said suppliers defaulted in supplying the gold.

SEC directive

After several warnings from the Bank of Ghana to the public not to trade with Menzgold were ignored, the Securities and Exchange Commission (SEC) directed Menzgold to shut down its gold vault market as it is not licensed to do so.

The company has since not found footing.