Ghana, CEO of Menzgold, Caged by Court

BY YESMAN ANTOH-

Nana Appiah Mensah, CEO of defunct Menzgold
Photo Credit: Starr FM

NEW AFRICA DAILY NEWS, Accra, Ghana- THE EMBATTLED Chief Executive Officer of Menzgold Nana Appiah Mensah, also known as NAM 1 has been remanded into police custody after he appeared before a Circuit Court in Accra on Friday morning.

He is to reappear in court on July 26, 2019.

The court granted the order after the police requested for two weeks to enable them complete investigations into allegations against NAM 1, as he is popularly known.

NAM 1, who appeared in court briefly were quickly whisked away by the police after the court ruling.

Police says the court process is in pursuance of the cases that have been filed against NAM 1 by some disgruntled Menzgold customers.

About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

Menzgold Ghana Limited folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

President Akufo-Addo described the Menzgold crisis as tragic phenomenon for the country that appeared to have occurred in plain sight, and affected many people, “in spite of warnings from official institutions.”

He charged the relevant authorities to unravel the intricacies of “what happened in the Menzgold saga, I admonish all Ghanaians to learn the necessary lessons for the future, even as State institutions work to bring a resolution to the matter, and those who are seen to have indulged in criminal activities, are brought to justice.”

1:00 United States Dollar= 5.41 Ghanaian Cedi.

BY YESMAN ANTOH, NEW AFRICA DAILY  NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT

www.newafricadailynews.com