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General News of Monday, 19 August 2019

Source: Class FM

‘Please unfreeze Menzgold accounts so I can pay my customers’ – NAM1 begs gov't


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The Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah (NAM1), has assured his over 16,000 customers that his firm will pay all their locked-up investments at the least opportunity.

Addressing the press for the first time on Monday, 19 August 2019, NAM1 stated emphatically that: “All companies worldwide have liabilities on their books and, so, does Menzgold. Business, in summary, is all about owing and being owed. We, at Menzgold, are committed and do express our willingness to service our debt portfolios to our customers and business associates as soon as we can with the given opportunity”.

He has, therefore, pleaded with the government to unfreeze the bank accounts and assets of Menzgold and all its related companies so as to make it possible for the gold firm to pay all its customers.

According to NAM1, he believes the government will listen to his plea and release his bank assets accordingly so he can meet his obligations to his customers.

In the charge sheet, NAM1 is accused of defrauded one Francis Agodzie and 16,000 others of more than GHS1.68 billion.

NAM1 is facing charges of defrauding by false pretence and two counts of abetment to carry out a banking business without a licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

His Brew Marketing Consult and Menzgold Ghana Limited have also been slapped with charges of defrauding by false pretence contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).

He was first arraigned on Friday, 12 July 2019 after spending the night in the custody of the Criminal Investigations Department (CID) of the Ghana Police Service following his arrival in Ghana on Thursday.

The young Ghanaian businessman had been in the custody of Dubai authorities since December last year. He was arrested during his sojourn to the Emirates to collect some hefty amount owed his company by a businessman there.

The Supreme Court of Dubai recently upheld a victory of the businessman in a lower court which ordered his Emirati businessman rival to pay the Ghanaian some $39 million and compensation.

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