More Wahala For Menzgold Boss

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The troubles of Ghanaian gold dealership firm, Menzgold, have escalated, as the Registrar of Companies in the United Kingdom has served notice of a possible dissolution of the company’s branch in England.

The Registrar said in a public notice that “unless cause is shown to the contrary, at the expiration of 2 months from this stated date [February 2, 2019, the name of Menzgold England Limited will be struck off the register and the company will be dissolved.”

Upon dissolution, all property and rights vested in, or held in trust for the company will be taken over by the English crown.

Menzgold England is the UK subsidiary of Menzgold Company Limited, owned by embattled Chief Executive Officer (CEO) of Menzgold Ghana Limited and other companies including Zylofon Media, Brew Marketing Consult Co. Limited, and Narosa Hotel.

 

CEO of Menzgold, Nana Appiah Mensah

Nana Appiah Mensah, known popularly as NAM1, who was allegedly acquitted and cleared of fraud charges on Tuesday, April 9 by a Dubai court, has become the most wanted CEO in Ghana, after monies of hundreds of clients of got locked up in his gold dealership firm.

His woes began when the Securities and Exchanges Commission (SEC) in September 2018, ordered for the closure of the company. But following his alleged discharge, NAM1 is expected to be in the country to face charges been pressed against him by some customers.

Meanwhile, a Deputy Attorney-General, Joseph Kpemka, has said extradition processes for the CEO of Menzgold will be triggered by the police in a month.

In January this year 53 soldiers have sued Menzgold Ghana Limited, for failing to pay back ¢2.5 million in investments. A number of protests has been embarked by customers whose monies have since locked at the gold dealership company.

Finance Minister, Ken Ofori-Atta had disclosed, the value of deposits currently lost to Menzgold stands at over Gh¢200 million. He made this revelation when he accompanied President Nana Akufo-Addo to present equipment to military personnel at Burma Camp in February this year.

Stating figures on the matter for the first time, the Finance Minister said, “I think we have come up with a realization that maybe over GHc 200 million is outstanding and he (Nana Appiah Mensa) has been apprehended in Dubai.”

“You know that if someone is investing in gold, there is just no way they can give you 20 percent. So we need to examine ourselves as to the type of sentiment or overzealousness to get the return which is impossible and therefore what element of greed we have that we are exercising this and when a company does not have a license to do something and you choose to go there; I think it is an issue we need to contend with”, he observed.

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