NAM1 owes $ 42 million to 46,000 customers

General News on Friday, January 25, 2019

Source: dailyguideafrica.com

2019-01-25

Menzgold Ghana Limited, the troubled gold object collection company, owes its clients about $ 42 million.

At present, it is estimated that 46,000 people have been stranded from Menzgold and the pressure for the authorities to recover their investments.

Originally, it was speculated that Menzgold owed his clients about $ 200 million.

Advocacy

Already, details are emerging regarding a plea agreement that Nana Appiah Mensah, known as NAM1, and CEO of Menzgold, has put on the table for consideration by the government.

Sources say NAM1 would have asked the government to sell its badets to pay some of the clients whose funds had been blocked from its company.

However, the government would be adamant and would like NAM1 to put the request in writing before acting.

DAILY GUIDE realized that the delegation that had recently visited NAM1, currently under arrest in Dubai, United Arab Emirates (UAE), following a so-called scandal relating to the gold market, advised the government not to intervene directly in the sale of its properties, but to allow his family to do this.

EOCO Effort

The Office for Combating Organized and Economic Crime (EOCO) would make progress in locating the properties of Menzgold and his beleaguered Executive Director.

The anti-graft corps has reportedly secured 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" on Tuesday.

It is also said that EOCO is taking "swift" 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.

Unceasing calls

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 began, NAM1, who was accused of exploiting a Ponzi scheme, was specifically asked for an alleged offense in violation 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" $ 31 million due to it, but was later arrested in the UAE on a scandalous $ 51 million scandal 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.

The NAM-1 went to Dubai in December to recover about $ 31 million owed by Emirati company Horizon Royal Diamonds and an additional $ 3 million from an Arab named Ahmed.

The move, according to a source, was supposed to allow him to raise funds to pay Menzgold's customers, who demand the repayment of their funds.

properties

The difficulties faced by NAM1 in recovering its supposed funds in Dubai apparently prevented it from paying Menzgold's customers.