General News of Wednesday, 9 January 2019
The embattled founder of Menzgold Ghana Limited, Nana Appiah Mensah was apparently arrested but has absconded while on bail.
This is the claim by private legal practitioner, Gabby Asare Otchere Darko, who’s a known figure in the governing New Patriotic Party, although he holds no official position in the government.
Gabby’s claims, which comes after a massive demonstration in Kumasi by some Menzgold customers, will shock many because there has never been news about the supposed arrest.
Although Gabby Asare Otchere Darko, a confidante of President Akufo Addo in a Facebook post on Tuesday did not give details about when or how Nana Appiah Mensah, popularly known as NAM 1 was arrested. He said, “I understand the owner of Menzgold, Nana Appiah Mensah, has breached his bail condition and absconded.”
While making a strong case for the arrest and prosecution of the Menzgold boss, he said Nana Appiah Mensah must not be allowed to walk about freely after superintending over the level of hardship the company is putting its numerous customers through.
“We can’t allow those who allegedly dupe people with such impunity to get away with it that easily,” Gabby said.
He further discounted suggestions that the state intervenes by paying customers whose investments have been locked up with the company.
Let’s smoke them out, wherever they are, and throw the book at them! While, I will not want a pesewa of my tax money to be involved with this ponzi matter, I believe majority of Ghanaians will agree with me that the law must come down heavily on those who use such schemes to destroy the lives of many people.
In 2018, Over two hundred customers of Menzgold besieged the premises of the company’s head office at Dzorwulu to demand payment of their locked up investments.
On December 19, some 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region also filed a writ at the Accra High Court against the company.
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.