Menzgold begs Government
Lawyers of the embattled gold dealership, Menzgold Ghana Limited, have appealed to government to revoke the ‘Interpol Red Alert’ order issued on the Chief Executive Officer (CEO), Nana Appiah Mensah, aka NAM1.
According to a release on the subject, such revocation would enable the company to honour its obligations.
The revocation, it said, would enable the “CEO to freely communicate and meet with our global business associates and partners, who have expressed preparedness following our favourable judgment in the Dubai Court on the 9th April, 2019, to assist financially and for us to adequately settle our cherished customers/company debt liabilities as soon as possible.
“We seek to resolve and give immediate closure to these disturbing matters of the past few months, and in order to go ahead with our business as Ghana’s gold hub.”
The release indicated that the company would be in a better position through such revocation to pursue “the 750 kg of gold, now worth $39 million from Horizon Royal Diamonds legally without obstruction.”
It revealed that should government heed its request, a decision on the disturbing issue would be reached amicably soon, adding that it would inure to the best interest of the company so that customers would be served.
The release, signed by the company’s Communications Head, Nii Amarh Amarteifio, pointed out that their Emirati, English, American and Ghanaian lawyers were involved in convincing government to rescind its decision so they could recover funds from a Dubai gold company called Horizon Royal Diamonds.
Interpol took the action because Nana Appiah Mensah had allegedly defrauded customers to the tune of over GH¢5.4 billion.
In its heyday, the company was the cynosure of attention, with many Ghanaians finding its dividends too attractive to ignore.
The Interpol issued the Red Alert in January 2019 a month after NAM1’s arrest in Dubai.
Background of Menzgold Crisis
Menzgold’s woes started on September 7, 2018, after the Securities and Exchange Commission (SEC) directed it to suspend its gold trading operations.
The directive, according to SEC, was based on the ‘fact’ that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns to clients without a valid licence from the commission.
The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”
The company was, however, allowed to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
The directive caused panic among the numerous clients of Menzgold Ghana Limited, who consequently besieged the offices to demand their investments.