Probe Menzgold: time limit – Clinton

General News of Saturday, July 13, 2019

Source: clbadfmonline.com

2019-07-13

The lawyer of nearly a thousand injured clients of Menzgold Ghana Limited, Mrs Amanda Akuokor Clinton, has requested the opening of an investigation into Menzgold's long closing delay after the Bank of Ghana (BoG) has declared illegal its deposit taking operation.

Thousands of customers are still looking for their blocked capital at the late gold dealership who promised them monthly interest rates juicy.

Clinton told ClbadFMonline.com on Friday, July 12, 2019 that, given the time required to allow the company to operate, with several thousand victims, a public commission should be set up to investigate the reasons why the company was allowed to operate for five years then the regulator started from the beginning to warn the public against trading with Menzgold.

In his opinion, the simple "warnings" of the Bank of Ghana were "not enough" and wondered if Menzgold "could have been closed sooner" to avoid any effects of training that his operation would have on the financial sector.

"Are the regulators at fault and should they be fined?", She questioned, emphasizing the search for ways "to prevent this in the future".

She also wants to know if Menzgold has operated a Ponzi scheme.

His comments follow the arrival of the company's CEO, Nana Appiah Mensah (NAM1) in Ghana, facing criminal charges brought against him by its more than 16,000 clients.

NAM1 was charged by police and placed in police custody to reappear before the Accra Circuit Court on July 26, 2019 after his arrival.

He faces charges of fraud under false pretenses and two counts of having engaged in banking activities without a license, in violation of Article 6 (1) of the 2016 Act. banks and specialized deposit-taking institutions (Law 930).

Its Brew Marketing Consult and Menzgold Ghana Limited have also been accused of defrauding under false pretenses, contrary to sections 20 (1) and 13 (1) of the Criminal Offenses Act 1960 (Act 29).

Pre-trial detention was granted by the court at the request of the police so that the police could complete their investigation within two weeks.

He was arrested after spending the night in the custody of the Criminal Investigation Department (CID) of the Ghana Police Service after arriving in Ghana on Thursday.

The young Ghanaian businessman has been under the care of Dubai authorities since last December. He was arrested during his stay in the UAE to recover a considerable amount owed to his company by a businessman.

NAM1, sought by its thousands of aggrieved customers, whose investments have been stalled in the company since last August; as well as the government of Ghana, won two lawsuits against his rival businessman while he was in Dubai.

A red alert from Interpol has been on NAM1's head for several months since being held in Dubai.

The Dubai Supreme Court recently upheld the businessman's victory in a trial court, which had ordered his rival, Emirati, to pay $ 39 million to the Ghanaian.