Hope for Menzgold's customers while EOCO picks up mansions and cars NAM1

General News on Tuesday, January 22, 2019

Source: dailyguideafrica.com

2019-01-22

It seems that all hope will not be lost for those whose funds are blocked by the distressed gold collectors firm Menzgold Ghana Limited.

Indeed, the Office for Combating Organized and Economic Crime (EOCO) would make progress in monitoring the company's properties, including that of its chief executive (CEO), Nana Appiah Mensah, nicknamed NAM1.

According to DAILY GUIDE sources in EOCO, the anti-graft body has managed to secure more than 40 luxury cars and several NAM1-owned mansions that could eventually be sold to settle its debt to its customers.

According to sources, EOCO has chosen to act quickly because it does not want potential claimants to protest that the properties in question belong to them.

This revelation came at a time when EOCO froze NAM1's bank accounts and would make unrestrained efforts to recover its other badets.

The accounts, supposed to belong to three different banks, were frozen on January 14, 2019.

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

"Sell my properties"

A deep-throat source at EOCO revealed that NAM1, prior to its trip to Dubai on December 7, 2018, had begged EOCO to sell its properties to pay customers.

The source said the troubled CEO had appealed this year when he had been invited by the anti-corruption body following complaints filed by the Securities and Exchange Commission (SEC) against him.

He was specifically invited by EOCO for an alleged offense in violation of the 2016 Act on Banks and Specialized Deposit Institutions (Act), Law 930.

Court order

According to sources, however, EOCO is unable to sell the properties to help settle Menzgold's debt to its clients because it has no legal standing to support its action.

He said that a court order was needed to help quickly sell the foreclosed homes and cars.

NAM1, as its name suggests, reportedly left Ghana in December 2018 to "chase" $ 31 million of debt, but was later arrested in the United Arab Emirates (UAE) for an alleged scandalous $ 51 million deal. dollars involving an Emirati company named Horizon Royal. Diamonds.

According to Joseph Dindiok Kpemka, Deputy Attorney General, NAM1 was arrested in Dubai on December 7, 2018 as part of the alleged fraud case.

Kpemka led a Ghanaian security delegation to the UAE to meet with NAM1 recently.

Clarity On Court case

In the meantime, EOCO has repeated that NAM1 will appear in Dubai on February 3 or 4, 2019.

EOCO and the Ghana Police Service, David Eklu, on their return, in a joint statement signed by the Deputy Police Commissioner (ACP) and Director General of the Public Affairs Directorate of the Ghana Police Service, reported that NAM1 had to appear in court. February 2, 2019.

But it turned out that February 2, 2019 would fall on a Saturday when the courts do not work in Dubai.

Context

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