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Menzgold Ghana Limited, the chairman and CEO of the troubled gold distribution company, will make his third court appearance in Dubai on Thursday, Feb. 14, during which he faces a crime charge over a $ 23 million contract.
Nana Appiah Mensah, aka NAM 1, is currently on remand at the Al Barsha police cell.
The indictment for a crime in Dubai amounts to a second degree offense in Ghana and, if found guilty, he can spend up to two years in prison.
A source close to the United Arab Emirates (UAE) judicial system told the Ghana News Agency (GNA) that he could also face civil proceedings from the plaintiff, who seeks to recover 23 millions of dollars and that not paying this money could bring him up to three years in prison.
Back home, the Organization for Combating Organized and Economic Crime (EOCO) froze the properties of Menzgold and its badociated companies.
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Menzgold is delaying the investments of thousands of customers who, since last September, have not been able to access their interests and their principal.
A Dubai-based businessman has reported Nana Appiah and eight of his business partners to the Dubai police for fraud in May 2018.
As a result, their names were placed on the wanted list by the UAE police on May 24, 2018.
Ignoring this, Nana Appiah responded to an invitation from the Applicant to Dubai, but on his arrival on Friday, December 7, he was arrested at the airport while he was presenting his pbadport for check – in. ;immigration.
He was first sent to court on Wednesday, January 30th.
The news of Nana Appiah's arrest in Dubai was revealed after the criminal investigation department of the Ghana police had obtained a stop-over warrant from a circuit court in Accra Wednesday, January 9 for his arrest on charges of fraud under false pretenses and money laundering.
This information had been preceded by reports that he had violated bail conditions granted by the Bureau of National Investigations, who were investigating him but could not find him.
Meanwhile, some anxious clients of Nana Appiah had pleaded before him in the court of Menzgold's inability to pay for their return or principal since September 2018.
The company paid between 7% and 10% monthly interest rates on investments, but the Bank of Ghana and the Committee on Security and Trade (SEC) warned Ghanaians against the risk of their investments, which they likened to a ponzi scheme.
The SEC then ordered Menzgold to stop receiving deposits, despite protests from the company and its customers.
According to EOCO, although it was also investigating Menzgold for possible violation of the 2016 Law on Banks and Specialized Deposit Institutions (Law 930), as reported to it by the Bank of Ghana (BoG), it There was a lack of cooperation. on the side of his boss.
An investigation delegation sent by the Government announced that the UAE authorities would make Nana Appiah available to their Ghanaian counterparts when it decided on its case.
A joint statement from EOCO and the Ghanaian police, released at the end of the visit on Friday, January 18, indicates that he has cooperated with the delegation and provided security and security officials with information. legal advisers a detailed document designed to facilitate their investigations into the Menzgold saga. taken.
The statement, jointly signed by Deputy Police Commissioner (ACP), David Eklu, Director General of the Ghana Police Directorate of Public Affairs and Mr. Abu Issah, Acting Head of the Prosecution and Prosecution Service, EOCO, confirmed the determination of both bodies to continue their investigations and their procedures to solve the problem.
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