19.4 C
Sunday, August 9, 2020

Menzgold boss breaks silence on Monday

Must read

Sad: 7 more die as Ghana records 436 new Covid-19 cases

Seven more persons have died from the novel coronavirus disease according to the Ghana Health Service (GHS).This brings...

Horrifying execution of Prince Klaas, the Ghanaian who planned to make Antigua an African state

Of the over 12 million slaves that were captured from Africa to work on the huge plantations in the Americas, a little...

Top things Kumasi can boast of

Kumasi is a city which is located in the Ashanti Region of Ghana. It is the commercial and cultural capital of the...
Christopher Sam
Christopher Sam is a web designer, developer and has advanced knowledge in Search Engine Optimization, Responsive Website Design, Emails Marketing, BULK SMS Messaging, Schema Markup and a certified Google Trainer. He is a creator and editor at Hypercitigh.com, an online digital platform focusing on Credible and Timely news and in Ghana.

Embattled Chief Executive of gold dealership, Menzgold Ghana Limited, is set to speak publicly for the first time in about a year.
In a post on Twitter Wednesday, Nana Appiah Mensah said he will address “the press on August 19 regarding the state of affairs of our companies, with final practical resolutions to all pending [sic] teasing [teething] matters, geared towards a highly possible rebound soon.”

“GhanaShallProsper,” the businessman, otherwise known as NAM1 added.

Menzgold runs into difficulties
Mr. Appiah’s flourishing gold dealership firm which promised up to 10% returns on investments run into difficulties in September 2018 after the Securities and Exchange Commission (SEC) ordered him to stop taking further deposits.
The SEC and central bank had previously warned the Menzgold on several occasions to stop taking deposits because they were not registered to do so.

Warnings were also given to the public not to deal with the company. The warnings went unheeded.
Official records show at least GH¢200 million have been locked up in Menzgold since the SEC order.

Warrant issued for NAM 1 arrest
On January 9, 2019, an Accra Circuit Courtissued a warrant for the arrest of Mr. Appiahfollowing Menzgold’s failure to refund customers’’ cash.

It was later revealed that NAM1 was arrested in the UAE where he had gone to transact business.
Some of his business partners there accused him of fraud. A ruling in the matter, however, went in his favour and it was widely reported that he is due damages worth some $39 million.
Arrest in Ghana
Mr. Appiah returned to Ghana shortly after and was arrested on his arrival. He has been arraigned for defrauding and has been granted bail worth GH¢1billion.
What is he expected to say?
Customers of Menzgold have staged numerous demonstrations in Accra and other parts of the country demanding government interventions to retrieve their monies.
Upon his arrest in Ghana, some of the customers demanded his release and for the government to set up a committee which would include Menzgold officials and government officials, to draw a roadmap to recovering the monies.
The clients have demanded that he pays them from the money he won is the Dubai case.

More articles

Latest article

[Photos]: Trump’s children Donald Jr and Tiffany flout COVID-19 guidelines as they attend boat party to support their father’s re-election

US President Donald Trump's children, Donald Trump Jr, his sister, Tiffany Trump and Trump Jnr's girlfriend Kimberly Guilfoyle flouted Covid-19 guidelines as...

Three 15-year-old boys arrested after jumping the fence of Donald Trumps’ Mar-A-Lago estate with a loaded AK-47

Three teenagers were arrested after scaling a wall at President Donald Trump's Mar-a-Lago resort while carrying a loaded AK-47 in a backpack.

New Apple Leak Reveals iPhone 12 Design Shock

iPhone 12 surprises keep coming (both good news, bad news and unexpected twists), but now we know perhaps the biggest problem with...

How To Buy A University Of Ghana Application Voucher Using Mobile Money On All Networks.

Prospective University students can apply for admission even before their results are released by purchasing a voucher.Getting admission...

See PHOTOS Of A Lady Helping Her Boyfriend To Do His Mason Work

Not all ladies will help their guys do their work but a photo sighted by Thenewsgod.com, captures a beautiful young lady helping her to...