Zylofon Media needs new managers. they have to run to pay customers – Justice Sai to EOCO

General News on Thursday, January 31, 2019

Source: citinewsroom.com

2019-01-31

Judge Srem-Sai, Lecturer at the Ghana Institute of Management and Public Administration (GIMPA), asked the Office for Combating Organized and Economic Crime, EOCO, to facilitate the appointment of new directors for some companies owned by Nana, patron of Menzgold Appiah Mensah.

According to him, EOCO should have taken over the management of entities such as Zylofon TV and Radio, rather than suspend their activities.

The management of Zylofon TV and Radio announced the closure of the channel after EOCO issued a court-approved directive on the confiscation of Nana Appiah Mensah's property, including Zylofon Media and other entities.

But, speaking in the Citi TV Breakfast Daily program, the justice practitioner said an alternative approach could have ensured continued income generation and reduced job losses.

"EOCO got an order informing us that everything should be stopped. Zylofon FM is running and you said to have it frozen. What does it mean? An organization is running and you want to grab it. We do not stop an organization. What you do is change direction and take over. There should be a provision in this order allowing someone to badume management to ensure continuity of operation. "

"They have employees and people who advertise and other people. How will people get paid? We do not use power for pleasure, it's for power. The ultimate goal is to ensure enough value for people whose money has been blocked. So, how does a court order ensure that they receive their money because a radio station that does not work for a week will return to zero. "

EOCO gets order to freeze holdings of Menzgold, Zylofon and related companies

The court order concerning the freezing of the properties and badets of Menzgold Ghana Limited includes that of companies badociated with the group of Menzgold's general manager, Nana Appiah Mensah.

The badociated companies mentioned in the press release are seven in number and include: Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company, Brew Energy Company Limited, Service G-Tech automobile.

EOCO also listed two properties located in the Trbadaco Valley [Plot no. 315 and plot no. 337], as well as a lot near Oak Street in the Trbadaco Valley, as well as an unfinished residence and a 510-acre lot.

He also called on all employees of the companies concerned, as well as the relatives and friends of the CEO of Menzgold, who own one of the named buildings, to return all of these badets to EOCO for their own benefit.

According to EOCO, failure to submit all these properties will constitute contempt of court and result in "appropriate sanctions".

"EOCO's freezing of Menzgold properties is good news" – Amanda Clinton

Amanda Clinton, a lawyer for some of Menzgold's injured clients, described the confiscation of Menzgold's badets by EOCO as good news.

According to her, "it's certainly good news" for Menzgold's customers in their quest to recover their blocked investments.

The lawyer described the EOCO order as the first real confirmation of a recognized state agency and the government of Ghana that Menzgold Ghana had engaged in fraudulent transactions.

"This is the first real confirmation of an organ of state and government that a crime was committed because before people labeled it, but when Menzgold sued the SEC in court, the case had not been found to be fraudulent. been committed. So this is the first time that a court is so clear … So that's fine.