Sell ​​My Assets – Menzgold's CEO in Government

General News of Wednesday, January 23, 2019

Source: dailyguideafrica.com

2019-01-23

Details are emerging about a plea agreement that Nana Appiah Mensah, a company commonly known as NAM1, and Menzgold, chief executive of a firm specializing in gold collectibles, submitted for the consideration of the Government.

According to DAILY GUIDE sources, NAM1 has urged the government to sell its badets to pay certain customers whose funds were frozen with Menzgold.

However, the government is adamant and wants the NAM1 to put the request in writing before acting.

DAILY GUIDE said that the delegation that visited NAM1 recently arrested in Dubai, UAE, following an alleged scandalous gold deal, advised the government not to intervene directly in the sale of its properties. by his family.

EOCO Effort

The Office for Combating Organized and Economic Crime (EOCO) is reported to be making progress in tracking the properties of Menzgold and his beleaguered CEO.

Last week, the anti-graft corps reportedly managed to secure more than 40 luxury cars and a number of NAM1-owned mansions that could eventually be sold to settle its debt to its customers.

According to sources, more luxurious cars were "seized" yesterday.

EOCO is said to be taking "quick" action because it does not want potential claimants to start protesting that the properties in question belong to them.

This revelation comes at a time when EOCO has frozen three separate bank accounts of NAM1 and would make frantic efforts to regain its other holdings, including mansions.

EOCO urged the public to provide further information for the discovery of the other properties of NAM1.

Previous call

The concerned customers, who would be around 46,000 people, have been urging the government to confiscate the badets of NAM1 and its Menzgold company, but EOCO insists that it can only act by court order.

When the problems started, NAM1, who was accused of operating a Ponzi scheme, was specifically asked for an alleged offense in violation of the provisions of the Law No. 930 of 2016 on banks and specialized deposit-taking institutions. .

Arrest and nature of the case

NAM1 reportedly left Ghana in December 2018 to "hunt" a $ 31 million debt owed to it, but was later arrested in the United Arab Emirates for a scandalous $ 51 million gold case involving an emirati company called Horizon. Royal Diamonds.

According to Joseph Dindiok Kpemka, Deputy Attorney General, who led the delegation to meet with NAM1 in Dubai last week, Menzgold's boss was arrested in Dubai in connection with the alleged fraud case.

troubles

DAILY GUIDE has learned from close badociates of NAM1 that the investment of some 46,000 people will be blocked in Menzgold.

Some of the clients would have obtained bank loans to invest in Menzgold in the hope of obtaining "higher yields", but are now facing problems because their funds have been blocked from the company and banks are looking for them. to be reimbursed.

One of the concerned customers would have obtained a 500,000 GH ¢ loan from Ecobank Ghana Limited to supplement its investments with Menzgold.

Menzgold's troubles began after the Securities and Exchange Commission (SEC), in a letter dated Sept. 7, 2018, orders it to suspend its gold trading operations with the public.

At the time, the SEC had stated that the directive was based on the fact that Menzgold had engaged in the purchase and deposit of gold collectibles from the public and had pbaded Guaranteed return contracts to customers without a valid license from the Commission.

The regulator claimed that the move violated Article 109 of Law No. 929, resulting in consequences under Section 2016 (I) of the same law.