Former Black Stars midfielder Derek Boateng credits divine intervention for saving him from falling prey to the Menzgold scam.
In an interview with Kingdom, Boateng explained that he did not invest in Menzgold due to a combination of divine guidance and his personal principles.
The ex-Fulham player mentioned that aside from divine intervention, he was deterred by the fact that Menzgold’s offers seemed too good to be true.
He revealed that some Ghanaian football stars did fall victim to the scam, which was allegedly masterminded by Nana Appiah Mensah (NAM1).
Boateng noted that these footballers have not spoken out about their experiences due to the potential disgrace it could bring.
“I wasn’t a victim of Menzgold, but I heard that a lot of players had deposited their money there. They cannot come out now and say it. It is their business.
“I did not join Menzgold because the deal was too good to be true. It’s not like I’m more sensible than the others, but I think God was the one who saved me from it because it was too much. I like to suffer before getting my funds, so I don’t like freebies.”
Derek Boateng mentioned that if he had fallen victim to the Ponzi scheme, he would have found a way to recover his money. He revealed that since NAM1 was his neighbor,he would have persistently demanded his cash by frequently showing up at his doorstep and becoming a thorn in his side.
“If I were a victim, I’d have been knocking on his gate regularly because we are neighbors. He would have given me my money because I’d go there every day,” he said.
Embattled CEO of the defunct gold dealership firm Menzgold, Nana Appiah Mensah, also known as NAM1 has announced that his legal team is prepared to mount a defense against the 39 charges brought against him, including offenses like selling gold without a license, operating an unlicensed deposit-taking business, inducing investments, fraud by false pretense, breach of trust, and money laundering.
After the Accra High Court’s decision on July 11, NAM1 maintained his innocence and expressed readiness to comply with legal proceedings.
He clarified that his legal team intends to explore all legal options available for redress, emphasizing their commitment to observing their rights under the law.
Following the court’s ruling, which dismissed a no-case submission but found insufficient evidence for specific charges, NAM1 stated that he and his legal representatives will proceed accordingly, potentially opening their defense as necessary.
“I read in the section of the media that said that we are afraid to open defence. No, nobody is afraid to open defence. For six to seven years we have been here.
“We have subjected ourselves as law abiding citizens to what the law says all through from the Circuit court to the High court.
“The law permits us to observe our right of redress and it is for us to waive that right or exercise it but I will speak to my lawyers to come to that conclusion or otherwise,” he stated.
He continued: “When we exhaust all the legal remedies and it becomes inevitable and we need to open the defence why not? We will gladly and enthusiastically open our defence.”
An Accra High Court is set to determine today, whether Nana Appiah Mensah, commonly known as NAM 1, will be acquitted or required to present his defense.
NAM 1, along with his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, faces 39 charges. These include selling gold without a license, operating a deposit-taking business, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering.
On Tuesday, June 11, 2024, a heated court session saw prosecution and defense lawyers, along with the accused and some of his alleged victims, presenting their arguments.
The session was prompted by an application of no case filed by NAM 1’s lawyers, who, after hearing testimonies from nine prosecution witnesses, asserted their client’s innocence.
Kwame Akuffo, lead counsel for the defense, argued that despite numerous complaints outside the court from alleged victims, only eight individuals had come forward to testify.
He questioned the prosecution’s portrayal of a large number of victims, suggesting that more should have appeared in court if the accusations were accurate.
Akuffo further contended that the prosecution’s charges of money laundering and defrauding by false pretence were mutually exclusive, and thus, NAM 1 could not be guilty of both.
He also presented documents indicating that NAM 1 paid taxes during his operations, arguing that the prosecution had not proven his client lacked a license to sell gold.
In response, the prosecution argued that Brew Marketing Consult, one of NAM 1’s companies allegedly used to defraud victims, was not recognized by the Minerals Commission of Ghana to purchase or export gold.
They also asserted that Menzgold was authorized to purchase and export minerals but not to operate as a deposit-taking business without a Bank of Ghana license.
The prosecution highlighted NAM 1’s inducement to invest, pointing out that he contracted celebrities for advertisements that misled the public.
They argued that even one witness could be sufficient for conviction and claimed that the defense inadvertently incriminated their client by presenting evidence of defrauded customers.
Currently, NAM 1 is out on a GH¢500 million bail with four sureties and has pleaded not guilty to all charges. The court will decide today if the prosecution’s evidence from nine witnesses is sufficient to proceed or if NAM 1 will walk free.
The charges include selling gold without a license, operating a deposit-taking business, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering.
A trader who entrusted GHC760,000 to Menzgold has come forward with allegations of assault against the Chief Executive Officer, Nana Appiah Mensah.
The investor, along with other aggrieved customers, recounts an incident where they confronted Mensah to demand the return of their funds, resulting in an alleged assault.
The unfolding situation adds another layer to the controversy surrounding the defunct gold dealership firm.
During her testimony at the Accra High Court on Tuesday, January 23, Priscilla Adu Boateng, the fifth prosecution witness, revealed that the ex-CEO of Menzgold Ghana Ltd reportedly displayed a firearm when confronted by customers seeking the release of their invested funds and accrued interest.
“All the demands on Menzgold from us did not yield any returns, rather Nana Appiah Mensah assaulted us.
“On 8th January 2020, he pulled out a gun when we went to his house in Trassaco to demand our money.
“I am a single mother with four children, and these investments were made in furtherance of their education.
“My business is not thriving, and I am in the process of selling my house to make ends meet.
“I, therefore, demand that Menzgold, Brew Marketing and Nana Appiah Mensah are made to pay my locked-up investments.”
When the case was called, led by the Director of Public Prosecutions, Yvonne Attakora Obuobisa, Priscilla Adu Boateng submitted her witness statement to the court.
She indicated that she first heard about Menzgold and was drawn towards investing after seeing a billboard advertising the same.
After a year of convincing by an executive of the gold dealership firm, she finally got on board and invested in the Kasoa branch of Menzgold.
The court discharged Madam Adu Boateng after adopting her witness statement into evidence and the decision of Kwame Boafo Akuffo, the lawyer for NAM1 not to cross-examine her. The case, which is being heard daily, has been adjourned to Wednesday.
Together with his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, Nana Appiah Mensah has pleaded not guilty to a plethora of charges including selling gold without a license, operating a deposit-taking business without a license, inducement to invest, defrauding by false pretense, fraudulent breach of trust and money laundering.
He has been charged with 39 counts of these offences amounting to GHC340,835,650. NAM1 is currently on a GHC500 million bail with four sureties.
During the trial of Nana Appiah Mensah, also known as NAM1, the fifth prosecution witness, Priscilla Adu-Boateng, testified that after investing GH¢760,000 in Menzgold, the accused assaulted her when she requested her returns.
Priscilla Adu-Boateng, a trader and a single mother of four, claimed that on January 8, 2020, NAM1 brandished a gun when she and other aggrieved customers went to his house in Trassaco, Accra, to demand their money.
“I am a single mother with four children, and these investments were made in furtherance of their education.
“My business is not thriving, and I am in the process of selling my house to make ends meet”, she said in her witness statement, which has been adopted by the court presided over by Justice Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an additional High Court judge,
Led by the Director of Public Prosecutions (DPP), Yvonne Atakora Obuobisa, the witness mentioned that she was attracted to invest in Menzgold due to the advertising billboard. Additionally, she revealed that an executive from Menzgold had persuaded her for about a year before she eventually decided to invest in the business.
After the witness statement was adopted, there was no cross-examination by Counsel for the accused, Kwame B. Akufo.
NAM1, along with two of his companies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, faces 39 charges. These charges include selling gold without a licence, operating a deposit-taking business without a licence, inducement to invest, defrauding by false pretence, fraudulent breach of trust, and money laundering.
The allegations accuse them of defrauding their customers of various sums of money between 2016 and 2018, amounting to GH¢340,835,650.
NAM1 has pleaded not guilty to all charges and is currently on bail of GH¢500 million, secured by four sureties.
Prosecution’s facts
Between 2017 and 2018, as per the prosecution’s account, NAM1 and Menzgold extended invitations to the public to purchase gold from Brew Marketing Consult Ghana Limited and deposit it with Menzgold.
The prosecution alleges that, through various forms of invitations, the accused, representing the two companies as deposit-taking entities, encouraged the public to deposit gold with Menzgold, promising profits ranging from seven to ten percent.
Responding to this invitation, over 16,000 individuals deposited substantial sums, believing they were engaging with an authorised deposit-taking business that would ensure the advertised returns.
Despite numerous engagements and warning notices from relevant agencies, Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, the prosecution contends, persisted with their operations.
“Meanwhile, members of the public started facing challenges, either with delayed payments or reduced dividends; a number of cheques issued by NAM1 and Menzgold were also dishonoured,” the prosecution said.
On September 7, 2018, the Securities and Exchange Commission (SEC) directed Menzgold to suspend its business for operating without a licence.
Between November 2016 and March 2019, the prosecution said, many customers of the accused entities petitioned the police, complaining that they had invested huge sums of money with the accused, but were unable to realise their investments despite persistent efforts.
“Investigations revealed that the accused persons, under false pretences, took a total sum of GH¢340,835,650 from their customers, which these customers have not recovered.
“Investigations further disclosed that between 2017 and 2018, the accused persons transferred huge sums of depositors’ funds from Menzgold Ghana Company Ltd and Brew Marketing Consult Ltd to Zylofon Media, a company related to NAM1,” the prosecution said.
“Investigations have established that the money fraudulently obtained from depositors and dishonestly appropriated by the accused persons remained unpaid as Menzgold Ghana Company Ltd’s licence was revoked,” the prosecution stated.
The lawyer for the defunct gold dealership firm, Menzgold, while in court on Wednesday told a customer who invested more than GH₵5 million but could not earn the same or more that “you simply took an investment risk and lost out.”
During the cross-examination of the prosecution witness, Lawyer Kwame Akuffo questioned the witness, a civil engineer, about the perceived risk he took by investing heavily in Menzgold.
The civil engineer, Stephen Attippoe, explained that he relied on representations made by Nana Appiah Mensah, Menzgold, and the Brew Marketing Consult. However, he later discovered that the accused persons were operating without the necessary licenses.
Stephen Attipoe invested GH₵5.2 million within three months and received a lump sum of GH₵502,000. He had seven separate trading agreements with Menzgold, making all purchases at the Brew Marketing Consult office located at Spintex.
The witness clarified that the Menzgold trading agreements were produced and signed at the Tema Branch Office, following the laid-down procedure of the company. The documents obtained from Menzgold for each transaction included gold trading agreements, purchase of gold receipts, gold vault service receipts, and receipts for commissions on each transaction.
The details provided indicate that on various dates between June 1, 2017, and July 27, 2018, Stephen Attipoe made a total of seven investments with the accused persons involving the purchase of gold from Brew Marketing Consult. The breakdown of the transactions is as follows:
June 1, 2017: Purchased 5 kilograms of 22-carat pure gold, paid GH¢1 million, and a commission of GH¢64,500 (6.4%).
June 5, 2018: Purchased another 5 kilograms of 22-carat pure gold, paid GH¢1 million, and a commission of GH¢64,500 (6.4%).
June 1, 2018: Purchased 5 kilograms of 22-carat pure gold, paid GH¢1 million, and a commission of GH¢64,500 (6.4%).
June 1, 2018: Purchased 3 kilograms of 22-carat pure gold, paid GH¢600,000, and a commission of GH¢80,700.
June 27, 2018: Purchased 3 kilograms of 22-carat plus gold, paid GH¢600,000, and a commission of GH¢80,700.
July 23, 2018: Purchased 4 kilograms of 22-carat gold, paid GH¢800,000, and a commission of GH¢50,600.
July 27, 2018: Purchased 1 kilogram of 22-carat gold, paid GH¢200,000, and a commission of GH¢12,900.
In total, Stephen Attipoe invested GH¢5,200,000 for a total of 26 kilograms of gold and paid a cumulative non-refundable commission of GH¢335,400 for these investments.
In July 2018, Stephen Attipoe received a lump sum payment of GH¢504,000 from Menzgold as his monthly 12% interest on the twenty-six kilograms of gold, as per the agreements signed.
In September 2018, he received an ECOBANK cheque with a face value of GH¢240,000 from Menzgold as his interest on only ten kilograms of gold. However, when he presented the cheque at the Tema Main branch of ECOBANK, the cheque was dishonored.
Charges against Nana Appiah Mensah and two others
The Attorney General has filed 39 counts of fresh criminal charges at the High Court against Nana Appiah Mensah, the Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, also known as NAM 1. The charges were brought after more than 36 appearances without a trial over three years, 11 months at the Circuit Court, awaiting the Attorney-General’s advice.
In the new charge sheet at the High Court, NAM 1, Menzgold Ghana Company Limited (MGCL), and Brew Marketing Consult Ghana Limited face various charges, including selling gold without a license, operating a deposit-taking institution without a license, inducement to invest, defrauding by false pretences, fraudulent breach of trust, and money laundering.
According to the facts presented to the court, the accused persons, under false pretences, obtained over GH¢1.68 billion from their customers and have not recovered the money since.
The trial of Nana Appiah Mensah, also known as NAM1, the CEO of the defunct gold dealership firm Menzgold, commences today, Wednesday, December 20, 2023.
‘The prosecution is set to present the first of its 11 witnesses in the case.
The presiding judge, Justice Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an Additional High Court judge, has expressed the intention to deliver judgment by March 2024, providing this assurance after the successful completion of the Case Management Conference (CMC).
The prosecution is set to present the first of its 11 witnesses in the case.
The presiding judge, Justice Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an Additional High Court judge, has expressed the intention to deliver judgment by March 2024, providing this assurance after the successful completion of the Case Management Conference (CMC).
NAM1 entered a plea of not guilty to 39 counts on an amended Charge Sheet filed by the prosecution on November 16, with charges ranging from selling gold contrary to section, operating a deposit-taking business without a license, and inducement to invest.
The charges also include 22 counts of defrauding by false pretenses, seven counts of fraudulent breach of trust, and seven counts of money laundering.
While the latest Charge Sheet resembles the previous one, the total sums involved have reduced from GHc1.6 billion to GHc340 million.
Justice Owusu-Dapaa mentioned that the court is open to the option of Plea Bargaining if the parties wish to explore that avenue. The prosecution’s testimonies from all 11 witnesses are anticipated to last for a total of 35 hours.
Coalition of Aggrieved Customers of Menzgold, Ghana, has called on the Attorney General to exercise caution in distributing the GH¢2.5 million handed over by Nana Appiah Mensah (NAM1), the embattled CEO of the now-defunct Menzgold company.
In a petition dated November 17, the customers urged the Attorney General to avoid disbursing funds to a list provided by NAM1, expressing concerns about the list’s credibility and the potential for discrimination.
The Attorney General, Godfred Yeboah Dame, had confirmed that NAM1 had delivered GH¢2.5 million to the authorities, which is currently held in an exhibit account at the Bank of Ghana, awaiting further instructions.
The Coalition of Aggrieved Customers of Menzgold, Ghana, in its petition, cautioned the Attorney General “not to succumb to any pressure from NAM 1 nor any amorphous group to disburse the GH¢2.5 million paid by NAM 1 to the so-called attached list since we cannot verify the credibility of the so-called names.”
The coalition reiterated its endorsement of the initial decision made by the Attorney General and the Ghana Police Service to keep the funds in the exhibit account, considering the ongoing court proceedings related to the Menzgold case.
“We do agree with the initial decision taken by the Honourable Attorney General and Ghana Police authorities that the money be kept in the exhibit account since the matter is pending before the court.
Nana Appiah Mensah should never be allowed to determine who should be paid first or last. All customers are entitled to their money at the same time, and as a coalition, we will resist any attempt by NAM1 and his Menzgold to discriminate against customers in the matter of payment”, they stated in their petition.”
A heated argument unfolded among panel members during the October 28, 2023, episode of United Showbiz on UTV.
The dispute centred on the Ghana Police Service’s decision to deposit funds received from theCEO of defunct Menzgold Ghana, Nana Appiah Mensah (known as NAM1), into the Bank of Ghana.
Bullgod, one of the panel members, asserted that the police’s actions were questionable.
He believed that the money, originally intended to be directly disbursed to some customers of the now-defunct gold investment firm, should not have been placed with the bank.
Bullgod contended that NAM1’s arrangement with the police involved providing security for the money’s distribution rather than taking control of its distribution.
“He did not give the money to the police to share. He made an agreement with the police that he needed security and therefore sought permission to use their premises to disburse the money. The police said yes, you can come and do that and he sent the money to the police.
“Now, after sending the money to the police, they have gone to deposit the money in their account, saying its an exhibit,” he alleged.
Despite Bullgod’s assertion, his viewpoint was met with disagreement from the other panel members. Arnold Asamoah-Baidoo argued that the money should never have been entrusted to the police and should have been directly disbursed to the customers.
In response, Bullgod proposed that the police should not have agreed to handle the money, but Ola offered a counterargument.
The police have stated that the court will be responsible for deciding the disbursement of the GH¢5 million provided to the service by Nana Appiah Mensah, also known as NAM1, the CEO of the now-defunct Menzgold.
The police further explained that this sum has been placed in the police exhibit account at the Bank of Ghana, specifically earmarked for court proceedings. According to a press statement reported by GhanaWeb Business, the police mentioned that, “the amount is part of investigations into petitions received from some customers of MenzGold Ghana Company Limited and Brew Marketing Consult Limited, currently before the Accra High Court against suspect Nana Appiah Mensah, popularly known as Nam 1.”
“We would like to state that the decision on the disbursement of the money would be determined by the court,” the police added.
Menzgold, in an official statement regarding the transfer of funds to the police, stated that this action is intended to expedite the disbursement of funds to clients who have undergone the verification process in the settlement.
In 2018, the Securities and Exchange Commission (SEC) directed Menzgold to cease its gold trading activities with the general public.
The SEC’s rationale for this decision was that Menzgold had engaged in the acquisition and deposit of gold collectibles from the public and issued contracts with promised returns to clients without possessing a valid license from the Commission.
This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.
In contrast to previous accounts, the Ghana Police Service has officially acknowledged the receipt of GH¢2.5 million from the Chief Executive of the troubled gold dealership firm, Menzgold.
The money has been sent to the Bank of Ghana, according to the police.
“The Police, on the advice of the Office of the Attorney-General, on Friday 20th October 2023, received an amount of GH₵2.5 Million from suspect Nana Appiah Mensah, popularly known as Nam 1.
“The said amount has been deposited in the Police Exhibit account at the Bank of Ghana (BoG) for the attention of the Court.
“The amount is part of investigations into petitions received from some customers of MenzGold Ghana Company Limited and Brew Marketing Consult Limited, currently before the Accra High Court against suspect Nana Appiah Mensah, popularly known as Nam 1,” a post by Ghana Police Service on X read.
As per previous reports, the funds were earmarked for distribution to customers who had complied with the company’s procedures and validation requirements during the settlement phase.
Qualified customers are strongly advised to follow the specified dates established during the submission of required documentation to facilitate a seamless and effective disbursement of their funds.
Menzgold is reportedly preparing to provide the police with a list of customers slated to receive payments.
The leaders of the disgruntled customers of Menzgold Ghana are scheduled to meet with the Ghana Police Service on Monday, October 23. The purpose of this meeting is to discuss the release of GH¢5 million by the company’s CEO, Nana Appiah Mensah, for subsequent distribution.
In a statement issued by Menzgold regarding the disbursement, it was mentioned that the police would oversee the process, and the payment would be limited to clients who have adhered to the specified procedures during the settlement process.
Frederick Forson, the convener of the aggrieved customers, explained that the meeting with the police would help clarify the next steps in this matter.
“He deposited GH¢5 million at the CID headquarters and per our checks, that money has been sent to the Bank of Ghana,” Forson said, adding, “We are yet to be briefed on the note accompanying the money and as of now, we don’t know what he actually wants the money to be used for.”
“The case is in the High Court now and I am sure the police if any action is taken at all, have to come from the Attorney General, but until we meet with the police, I will not know what he wants the money to be used for,” he added.
The disgruntled customers have been demanding the release of their funds following the suspension of Menzgold’s operations in 2018. The company has faced accusations of operating a Ponzi scheme.
Nana Appiah Mensah, also known as NAM1, is currently facing legal proceedings for fraud.
Convener for aggrieved Menzgold customers, Fredrick Forson, has raised concerns over the GH¢5 million reportedly handed over to the police by the Chief Executive Officer of the now-defunct gold dealership firm, Menzgold, noting that the funds have been sent to the Bank of Ghana without any explanation.
Forson mentioned that the customers have not received any information from the police regarding the purpose of this money.
He stated in an interview with Citi News that a meeting with the Ghana Police Service is scheduled for Monday, October 23, 2023, to address the release of the GH¢5 million
“He deposited GH¢5 million at the CID headquarters and per our checks, that money has been sent to the Bank of Ghana…We are yet to be briefed on the note accompanying the money and as of now, we don’t know what he actually wants the money to be used for,” Convener for Aggrieved Menzgold customers said.
“The case is in the High Court now and I am sure the police if any action is taken at all, has to come from the Attorney General, but until we meet with the police, I will not know what he wants the money to be used for,” he added.
However, Menzgold, in an official statement, announced that the transfer of funds to the police was intended to expedite the disbursement of funds to verified clients as part of the settlement process.
Your money is gone after 1 month – NAM1 to customers
NAM1, on August 21, 2023, issued a clear warning that customers failing to verify their documents within the timeframe of August 14, 2023, to September 16, 2023, would forfeit their investments.
He emphatically emphasized that once the one-month grace period for customers to complete the verification process had elapsed, there would be no recourse for Menzgold clients to reclaim their locked-up funds.
Speaking on a Twitter Space monitored by GhanaWeb Business, Nana Appiah Mensah said, “If you don’t pass DD [due diligence] nothing can be upheld or sustained.”
“It is going through the verification process, just get a card, there is a user instruction behind the card. log on to https://www.payboy.com,” he stated.
In 2018, the Securities and Exchange Commission (SEC) directed Menzgold to halt its public gold trading activities.
The SEC cited Menzgold’s participation in acquiring and storing gold collectibles from the public, along with issuing contracts promising assured returns to clients, all without possessing the necessary license from the Commission.
This action was taken in violation of “section 109 of Act 929, with repercussions stipulated under section 2016 (I) of the same Act,” as outlined by the SEC.
Gold dealership firm Menzgold has handed an amount of GH₵5 million to the Ghana Police Service to begin payment of its customers.
The Ghana Police Service is expected to supervise the payment of the customers whom the company (Menzgold) says have adhered to the protocols and validation processes.
According to the company, the payment marks a significant stride in resolving the enduring concerns of those who found their investments locked.
Menzgold emphasised that the current payment process would be exclusively for clients who had diligently followed the stipulated procedures during the settlement process.
The company urged those eligible for payment to strictly adhere to the specific dates provided to them during the completion of the required forms.
The list of customers scheduled to receive payments will be forwarded to the police by Menzgold to facilitate a seamless disbursement process.
The forthcoming disbursements are expected to bring a sense of relief and closure to the concerns of Menzgold’s esteemed clientele, signalling a positive turning point for both the company and its dedicated customers.
The leadership of customers affected by the now-defunct Menzgold Company Limited has approached former President John Mahama, seeking his assistance in recovering their funds that remain locked within the illicit gold dealership and investment firm.
These customers have endured significant hardships since the company’s closure in 2018, with 217 individuals losing their lives and some experiencing blindness and mental health challenges as a result.
Now, these customers are appealing to the former President to guide their efforts in securing financial aid from the government to alleviate their dire circumstances.
During a meeting held at Mr. Mahama’s Cantonments office on Friday, Mr. Fred Forson, the group’s leader and spokesperson, passionately implored Mr. Mahama, emphasizing the gravity of their situation and their urgent need for a government bailout.
“We believe that when Your Excellency adds your voice, it will help. Where we are now, we need a bailout from the state, so we humbly call on you to lead us in calling on the state to give us a bailout plan. Because life is very, very unbearable for us”, he cried out.
The Menzgold customers convener added, “The state has wasted over four years on this small matter. There was no action. I am sure everybody will attest that it was the resilience of the customers — we kept on pressing, pressing — and now the Attorney-General has moved the matter from the lower court to the High Court. However, the civil aspect, which is the retrieval of our money, is still pending.”
President Mahama extended his condolences to the victims, characterizing it as one of the most unfortunate incidents in the nation’s history. He believed that such fraudulent schemes often find success due to the government’s inadequate regulatory oversight, making it responsible for citizens who become victims.
Additionally, he questioned why the government had not yet taken control of the company’s accounts, seized its assets, and conducted auctions to allocate a portion of the proceeds toward reimbursing customer investments.
In response to the appeal from Menzgold’s customers, President Mahama pledged his commitment to support their cause and amplify awareness of their plight. He urged the government to be transparent and provide comprehensive information regarding its efforts to address the situation.
With the backing of the former President, the customers hold hope that they can retrieve their funds and recover from the losses they have endured.
The founder of the now-defunct Menzgold company, Nana Appiah Mensah,who is currently facing trial over accusations of defrauding more than 16,000 individuals of GH¢1.6 billion, has firmly refuted the allegations that he evaded Ghana’s legal framework to operate an illicit gold deposit-taking enterprise.
His legal counsel, Kwame Akuffo, passionately argued before the High Court on Tuesday, September 19, that Nana Appiah Mensah, commonly known as NAM 1, did not contravene the provisions of the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as asserted by the prosecution.
Instead, Akuffo contended that it was officials from the Bank of Ghana (BoG) who provided counsel to Mensah, advising him to change the name of his company from Menzbank to Menzbanc. Furthermore, the BoG recommended the establishment of a separate entity called Brew Marketing Consult. The purpose of these recommendations was to ensure that the gold marketing business remained distinct from the operations of Menzgold.
“Indeed, in meetings with the BoG, it was the BoG that recommended that a third accused company ( Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” counsel said, reports Graphic Online’s Emmanuel Ebo Hawkson from the court.
Mr. Akuffo stated that he would refrain from disclosing the identities of the Bank of Ghana officials who provided advice to his client at this juncture. However, he indicated that during the course of the trial, when it is deemed appropriate, he intends to issue subpoenas to compel these officials to appear as witnesses. Their testimony would be crucial in supporting the defense of his client.
“I will skip the names because the court may take evidence from them in camera,” counsel said.
In the ongoing legal proceedings, Nana Appiah Mensah, has pleaded not guilty to a total of 39 charges. These charges encompass various offenses, including violations of Act 930, defrauding by false pretense, fraudulent breach of trust, and money laundering.
The court, which was presided over by Dr. Ernest Owusu-Dapaa, a Justice of the Court of Appeal serving as an additional High Court judge, granted NAM 1 bail amounting to GH¢500 million. This bail arrangement necessitates the provision of four sureties.
Additionally, as part of the bail conditions set by Justice Owusu-Dapaa, NAM 1 has been ordered to surrender his passport to the Court Registrar and to regularly report to the headquarters of the Criminal Investigations Department (CID) every Thursday.
A group of aggrieved customers from the now-defunct gold trading firm, Menzgold, have revealed their plan to conduct a vigil on Tuesday, September 12.
The Coalition of Dissatisfied Menzgold Customers had previously, on July 31, demanded the arrest of the company’s Chief Executive Officer, Nana Appiah Mensah, also known as NAM1, due to alleged fraudulent activities.
In a letter dated September 6, addressed to the Greater Accra Regional Police Command, the coalition notified them of their intention to hold the vigil, commencing at the Ministry Police Station Roundabout.
“We wish to inform the Regional Police Commander that selected members of the Coalition of Dissatisfied Menzgold Customers will peacefully gather in the early morning of Tuesday, September 12, 2023, to commemorate the occasion.”
Additionally, the aggrieved customers made an appeal to President Akufo-Addo to step in and assist in recovering their frozen funds while legal proceedings against Nana Appiah Mensah, the CEO of the now-defunct firm, continue.
Last month, MenzGold, a troubled gold dealership company, made an announcement regarding the cancellation of its customer validation process, which required a fee. This decision was made in an effort to expedite payments to their disgruntled customers.
In an official press release dated August 20th, the company disclosed its decision to abandon the previous plan, which had required customers to pay GH¢650 for an Access Card to ascertain the exact amount owed to them. The press release stated:
“In light of concerns expressed by concerned citizens of Ghana and extensive discussions with stakeholders following our press release dated August 18, 2023, MenzGold has decided on the following course of action:
MenzGold will discontinue the production and issuance of PVC Digital Access Cards, which incurred associated costs. Instead, we will exclusively provide PIN Codes for distribution, and this service will be offered free of charge.”
Several weeks later, GhanaWeb obtained an image of the aforementioned Access Card, shared on Facebook by Bullgod, a music executive and MenzGold investor.
“Just got my Menzgold Transaction Verification Access Card — I am a step away from retrieving my investments from Menzgold,” he captioned his post with the casing of the card.
Radio presenter, Sammy Flex, has admitted to being among the lot who lost significant amount of cash due to the MenzGold’s ponzy scheme.
In a televised interview with KSM, the presenter indicated that Ghanaians regard him as one who never shared in the pain of defunct menzgold customers, but his case is not farfetched.
Sammy Flex said that until he lost his investment with NAM 1’s financial firm, he was unaware of the terms and conditions of the investment package he signed up for.
“As it stands now, if you ask me about the Modus Oprandi of MenzGold and whether I understood it or not, I will tell you I never did. Because, I was not part of the operations of MenzGold. I never worked with MenzGold. Even as I am talkin to you now, I am or I was also an investor MenzGold. So I have also lost money just as any ordinary people have,” he told the host of The KSM Show days ago in an interview.
He added that, when Ghanaians attack him on social media as though he earned some benefit from the firm, ” I tell them that you guys don’t even know what you are talking about. Because if you know how much me and my wife, we lost out of MenzGold investment, you will not come and write those BS to me.”
Suggesting that what he lost may have been much more than “what you have lost.’
Meanwhile, the Attorney-General and Minister for Justice, Godfred Yeboah Dame, has assured the victims of the Menzgold scam that they will be served with justice.
Mr Dame admitted that the scam has broken homes and, to some extent, led to the loss of lives.
The A-G made this known when he addressed the “Fortieth Cambridge International Symposium On Economic Crime” as the keynote speaker.
According to him, although, this was due to their negligence and greed, the government will ensure they get justice.
“The greed and ignorance of thousands of otherwise hardworking Ghanaians was the oxygen for the operations of the company, as we often witness in the case of many Ponzi schemes around the world.
“People paid their life savings to the suspects in the case, resulting in losses worth millions of dollars and in some cases, loss of lives.”
“The misery and distress caused to many homes nearly unleashed a social crisis as riots and demonstrations broke out on the streets of Accra and other parts of the country. In reality, people lost their homes, and some marriages even broke up as a result of the Menzgold saga.”
The Attorney-General and Minister for Justice, Godfred Dame, has given the assurance that individuals and businesses defrauded by Menzgold Ghana will receive justice.
While delivering a keynote address at the Fortieth Cambridge International Symposium on Economic Crime on Monday, September 4, in the United Kingdom, the Attorney-General cited the ongoing legal case as one of the economic crimes the country is dealing with.
He referred to the defunct company as “an amorphous organisation operating a microfinance institution under the guise of – guess what – gold trading and illegally using the name of a bank.”
“It called itself Menzbank, before metamorphosing into “Menzgold”. It dealt in the purchase and deposit of gold collectibles from the public and issued contracts with guaranteed returns to clients without a licence from the relevant authorities,” he said.
According to the Attorney-General, the ignorance of thousands of otherwise hardworking Ghanaians was the oxygen for the operations of the company, as often witnessed in the case of many Ponzi schemes around the world.
The Attorney General commenced the prosecution of NAM 1 in 2019 where he was accused of defrauding thousands of customers through his gold dealership firm over millions of cedis.
The case has witnessed a number of adjournments until fresh charges were filed on Wednesday, August 30, 2023, when 36 counts of offences including abetment, defrauding by false pretences, carrying on deposit-taking business without a license, unlawful deposit-taking, and money laundering among others were introduced.
Mr Godfred Dame in his submissions at the symposium today, noted that he is elated to see the commencement of prosecution against the perpetrators.
He expressed confidence that “at last, by the Grace of God, justice will be served to victims of those dastardly acts.”
For the Attorney-General, this is of much importance as “misery and distress caused to many homes nearly unleashed a social crisis as riots and demonstrations broke out on the streets of Accra and other parts of the country.”
“In reality, people lost their homes, and some marriages even broke up as a result of the Menzgold saga. I am happy to state that after painstaking investigations, criminal prosecution has commenced against the perpetrators,” he added.
The Head of Chambers at The Law Office of Clinton Consultancy, Amanda Akuokor Clinton, has expressed her confidence in the Attorney General’s ability to pursue the newly filed charges against the Chief Executive of the now-defunct gold dealership firm Menzgold, Nana Appiah Mensah.
The Attorney General has levied 36 charges against Nana Appiah Mensah, also known as NAM 1, which include abetment, defrauding by false pretences, operating a deposit-taking business without a license, engaging in unlawful deposit-taking, money laundering, and others.
This represents a reduction from the initial 61 charges that were filed against him.
Speaking on JoyNews’ Newsfile on Saturday, September 2, the lawyer said “there is a lot of hope, I think we have a relatively new AG who is trying to distinguish himself from other AGs.
“So, hopefully that will push him to make a mark, and one of the ways is through a high profile case such as this.”
Amanda Akuokor Clinton acknowledged that the Attorney General’s filing of new charges against Nana Appiah Mensah (NAM 1) came somewhat belatedly, considering the three-year duration of the case. However, she praised the Attorney General for elevating the case from the Circuit Court to the High Court.
She expressed her belief that the reduction in the number of charges to 36 is indicative of the Attorney General’s genuine intent to pursue the case.
“I do commend the Attorney General’s Department for at least saying they were very much investigating the matter,” she added.
She emphasized that in the money laundering case, the Attorney General can take further steps as it suggests that Nana Appiah Mensah (NAM 1) was involved in the process of legitimizing ill-gotten funds through his business.
Furthermore, she urged the Attorney General to collaborate with countries that NAM 1 frequently visited to trace and recover assets he may have in those nations. This action is aimed at facilitating the restitution of some of the money to the aggrieved customers.
The Attorney General initiated the prosecution of NAM 1 in 2019, accusing him of defrauding numerous customers through his gold dealership firm, resulting in losses amounting to millions of cedis.
The case has experienced several adjournments, and new charges were filed on Wednesday, August 30, 2023.
The decision to file new charges followed Mr. Appiah Mensah’s announcement of plans to release locked-up funds to Menzgold customers upon a payment of approximately GH₵650 for verification.
Subsequently, he reversed this decision, eliminating the requirement for former clients to purchase a verification Access Card following significant public and customer backlash.
“Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes a cost burden,” the defunct company said in a communique.
The company said it is resorting to “the printing of the PIN Codes only, for onward distribution at no cost subject to the following conditions, that; Clients with INVALID status may choose to either walk away or still in the face of the one or several of the 10 invalidity status reasons provided, adamantly proceed to seek redress or review of the invalidity determination, which shall come at a fee to avoid the abuse of our time, human and logistics resources.”
The Attorney General has lodged new charges in the High Court against Nana Appiah Mensah, also known as NAM1, who is the CEO of Menzgold Ghana Limited, along with two other individuals.
The latest legal document lists 39 counts of fraudulent activity under false pretenses against Mensah, Menzgold Ghana Limited, and Brew Marketing Consult Limited.
The charge sheet, filed on Wednesday, August 30, 2023, was signed by Mrs Yvonne Atakora Obuobisa, the Director of Public Prosecution (DPP),
This was after the Attorney General filed a nolle prosequi in the case against Mensah.
The facts indicated that Menzgold Ghana Limited and Brew Marketing Consult Limited were sister companies owned by Mensah.
Menzgold started out in 2013 as Menzbank Ghana Company Limited, whereas Brew Marketing Consult Ghana Limited was incorporated in December 2016.
She said Mensah was a Director and Chief Executive Officer of Menzgold and Brew Marketing Ghana Limited and a majority shareholder of both companies.
Mensah operated Menzgold as a deposit-taking business masked as gold trading without the required license.
On March 11, 2015, the Bank of Ghana (BoG) issued a public notice to the effect that Menzbank was an unlicensed deposit-taking institution.
The DDP said Mensah, in a bid to circumvent the notice of BoG, changed the company’s name from Menzbank to Menzbanc.
She said sometime in 2017, Mensah changed the company’s name from Menzbanc to Menzgold Ghana Company Limited.
Mrs Obuobisa said that Mensah’s business module was that Brew Marketing Consult Ghana Limited sold gold and gold collectables to the public for the purpose of investing in Menzgold, even though the company lacked a license to sell gold.
On August 22, 2016, the Minerals Commission granted Menzgold, a three-year license to purchase and export gold.
The terms of the license permitted the company to purchase gold from small-scale miners for export only.
Menzgold and Brew Marketing Consult Ghana Limited breached its restricted gold purchase and exportation licence by selling gold to persons in Ghana.
Mensah and Menzgold established a gold vault market in 2016, offering the public a platform to trade in gold and gold collectables.
To circumvent the requirements of the law, Mensah and Menzgold set up A3 to sell gold to the public as a means for Menzgold to take the gold deposits.
Between 2017 and 2018, Mensah and Brew Marketing solicited members of the public to purchase gold and gold collectibles from Brew Marketing Consult Ghana Limited and deposit the gold with Menzgold.
Mensah and Brew Marketing encouraged the public to deposit purchased gold and gold valuables with Menzgold in exchange for profits ranging from seven to ten per cent.
In response to this offer, some 16,000 individuals deposited large sums of money in the belief that they were dealing with an authorized deposit-taking company that would guarantee them the returns advertised by the accused.
Menzgold and Brew Marketing Consult Ghana Limited continued to operate despite many engagements and warnings issued by the regulatory agencies.
Meanwhile, members of the public began to face difficulties, such as delayed payments or lower dividends; a number of cheques issued by Menzgold were also returned.
Mrs Obuobisa stated that on September 7, 2018, the Securities and Exchange Commission (SEC) ordered Menzgold to stop its operations for failure to obtain an SEC license.
Between November 2016 and March 2019, many customers of the accused petitioned the police, claiming that they had invested a lot of money in Menzgold but were unable to recover their investments despite their best efforts.
Investigations showed that the accused took a total of GH$1,680,920 from their customers under false pretences, which they did not recover.
The DDP said investigations found that between 2017 and 2018, the accused moved a large amount of depositor’s money from Menzgold Ghana Company Ltd. and Brew Marketing Consult Limited to Zylofon Media, a company affiliated with Mensah.
She said Mensah withdrew or transferred vast amounts of money into his bank account for his own use.
According to the DPP, investigations found that the money fraudulently collected from depositors and dishonestly appropriated by the accused remained unpaid after Menzgold Ghana Company Ltd.’s license was terminated.
“In the course of investigations, a number of vehicles were recovered from the accused persons which have been auctioned, and the proceeds kept in an exhibit account. Some gold bars were also recovered from the accused persons. accused persons,” she said.
Legal representative for dissatisfied Menzgold customers, Amanda Clinton, commended Attorney General Godfred Yeboah Dame for initiating new charges against Nana Appiah Mensah, the CEO of the now-defunct Menzgold.
According to Amanda Clinton, the decision by the Attorney General’s office to concentrate on the 39 charges indicates that substantial groundwork has been undertaken to ensure the viability of these charges and their successful prosecution in court.
Previously, the Attorney General’s office had brought forward 61 charges against Nana Appiah Mensah in the Circuit Court. However, following the voluntary discontinuation of that case, the Attorney General filed 39 fresh charges against the embattled CEO in the High Court. Amanda Clinton and many Menzgold customers view this as a positive step in the right direction.
“This is encouraging from the Attorney General’s department, particularly because the concern was Mr Mensah was emboldened due to the delay in the prosecution. You know, five years later and 36 adjournments and people were like is he so bold because they aren’t prosecuting him? So the media doing their job, and the investors being in uproar has hopefully led to the government revisiting this and the Menzgolders that I have spoken to are very grateful that the attorney general has taken this up and moved this to the hight court.
“The charges are pretty much the same as the previous one but it is less in terms of count but this is because they want to go after charges that can actually stick.”
According to court documents seen by GhanaWeb, NAM1 is facing 39 counts from the Office of the Attorney.
The charges include 25 counts of “Defrauding by false pretence contrary to sections 131(1) of the Criminal Offences Act, 1960 (Act 29); and seven counts of “Fraudulent breach of trust contrary to section 128 of the Criminal Offences Act, 1960 (Act 29)”.
The other charges are seven counts of “Money Laundering contrary to section 1(2)(a)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).”
The Office of the Attorney General claimed that its investigations had established that NAM1 had indeed committed the crimes for which he has been accused.
“Investigations revealed that the accused persons under false pretences took a total sum of One billion, sixty hundred and eighty million, nine hundred and twenty thousand Ghana cedis (GH 1,680,920,000) from their customers which these customers have not recovered.
“Investigations further disclosed that between 2017 and 2018, the accused persons transferred huge sums of depositor’s funds from Menzgold Ghana Company Ltd. and Brew Marketing Consult Ltd to Zylofon Media, a company related to Al. Huge sums of money were also withdrawn by Al or transferred into his bank account for his personal use.
“Investigations have established that the money fraudulently obtained from depositors and dishonestly appropriated by the accused persons remained unpaid as Menagold Ghana Company Ltd.’s licence was revoked. In the course of investigations, a number of vehicles were recovered from the accused persons which have been auctioned, and the proceeds kept in an exhibit account. Some gold bars were also recovered from the accused persons,” parts of the court document, reads.
The court has scheduled September 19, 2023, as the commencement date for the trial.
Between November 2016 and March 2019, numerous customers of MenzGold reported to the police, alleging that they had invested substantial sums of money with the accused individuals but were unable to recover their investments despite their persistent efforts.
Initially, Nana Appiah Mensah (NAM 1) was charged with 14 counts, including abetment of crime, defrauding by false pretences, conducting a deposit-taking business without a license, selling minerals without a license, engaging in unlawful deposit-taking, and money laundering.
Subsequently, the charges were revised from 61 counts, with the defendant yet to enter his plea on these charges.
It is alleged that the accused obtained various amounts of money, totaling GH¢1.6 billion, from customers.
On June 24, 2020, the state filed new charges against the CEO of Menzgold, also known as NAM 1, at the Accra Circuit Court. DSP Sylvester Asare informed the Court that he had been instructed to withhold the new charges and the plea-taking of the accused.
In the events of May 29, 2020, the Economic and Organised Crime Office (EOCO) apprehended certain officials of Payboy Company Limited, a payment firm designated by Menzgold Ghana Limited to mediate with its unpaid clients for a settlement.
Initial inquiries exposed that the company operated without the necessary licenses from either the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC).
In a press statement issued on Friday, May 29, 2020, EOCO, through its Head of Public Affairs, Jacqueline Avotri, cautioned the public to exercise prudence when engaging with entities or individuals involving financial obligations.
Moving forward, Nana Appiah Mensah, or NAM1, the Chief Executive Officer, instructed all customers who still wished to recover their funds to engage with Payboy.
Initially, customers were required to pay a sum of GH¢650 to validate their transactions before receiving their rightful dues.
Menzgold urged customers with legitimate outstanding transaction claims to obtain the Menzgold digital verification access card from Payboy Agents.
These verification cards, priced at GH¢650 each, would permit customers to verify the validation status of their transactions between August 10, 2023, and September 14, 2023.
“To request an Access Card for verification, we require customers to satisfy proof of transaction with Menzgold by providing the following documents via Email at; mailto:info@payboy.com. A copy of the customer’s Gold Trading Agreement and a copy of any National ID card, with both documents bearing the same name,” part of the release read.
“We urge Customers to contact any of the authorized Payboy Agents introduced in our release on the 16th August, 2023, for courier arrangements to receive the Verification Access Cards,” it added.
In April 2020, articles sourced from Dailyguidenetwork and thepublisheronline characterized Payboy as a digital payment service provider. The reports indicated that Payboy engaged in promoting various digital payment solutions for both individual and corporate clients globally. Notably, the company had facilitated debt settlement agreements between Menzgold and numerous clients as part of its endeavors.
Given the prevalence of illnesses and even deaths among some of the affected individuals, there is a question about whether Menzgold’s clients are inclined to make payments to either Payboy or Menzgold in their pursuit to recover their locked funds. This dilemma has caused varying sentiments among Ghanaians.
Some view it as a potential scheme to ensnare already disheartened customers and extract whatever little they possess, while others hold onto a glimmer of optimism that NAM1 will eventually fulfill his promise of reimbursing them, even after a span of five years and adherence to the stipulated procedures.
For Menzgold customers, the choice remains whether or not to participate in the fresh protocol outlined by Nana Appiah Mensah.
It’s crucial to highlight that an investigation by GhanaWeb Business has revealed that PayBoy Ghana lacks registration with the Bank of Ghana to conduct any form of fintech or payment-related transactions.
Menzgold Ghana has announced the cancellation of a paid customer validation process in its efforts to facilitate the processing of payments for its aggrieved customers.
The company informed its clients in a letter dated August 18, 2023 that the validation was necessary following the initial assessments, which revealed that a significant number of claims contained unacceptable infractions.
In response to the press release, customers still seeking their funds and people believing that the embattled CEO Nana Appiah Mensah (NAM1) was attempting to fleece former clients were outraged.
Two days on, in a press release dated August 20, the company announced that it was abandoning the plan that requested GH¢650 from customers.
It read in part: “Following concerns by some well-meaning Ghanaians and an extensive engagement with stakeholders with respect to our 18th August, 2023 press release, we have resolved as follows;
“That Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes cost burden and shall resort to the printing of the PIN Codes only, for onwards distribution at no cost.
It stated a number of conditions under which the new arrangement will be carried out. Among others,
READ FULL STATEMENT BELOW:
FOR IMMEDIATE RELEASE.
20″ August, 2023
RE: GET VERIFIED AND GET PAID
Following concerns by some well-meaning Ghanaians and an extensive engagement with stakeholders with respect to our 18” August, 2023 press release, we have resolved as follows;
1. That Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes cost burden and shall resort to the printing of the PIN Codes only, for onwards distribution at no cost subject to the following conditions, that;
* Clients with INVALID status may choose to ether walk away or still in the face of the ‘one or several of the ten (10) invalidity status reasons provided, adamantly proceed to seek redress or review of the invalidity determination, which shall come at a fee to avoid the abuse of our time, human and logistic resources.
2. To request an Access Card for verification, we require Customers to satisfy “Proof of transaction with Menzgold by providing the following documents via Email at; info@payboy.com;
* A copy of the Customer’s Gold Trading Agreement and a copy of any National ID
card, with both documents bearing the same name.
* Copies of the supporting documents submitted for validation acknowledgement
receipt.
3. We urge Customers to contact any of the authorized Payboy Agents introduced in our release on the 16” August, 2023, for courier arrangements to receive the Verification Access Cards.
4. Please note that by this development, the roadmap outlined in our 9” August, 2023 release shall be unaffected. The verification exercise Is stl scheduled for the 14% August, 2023 to 16 September, 2023.
Menzgold Ghana has announced a fresh round of customer validation to facilitate the processing of payments for its customers whose funds have been locked up.
In a letter dated August 18, 2023, the company informed its clients that this validation is necessary following the initial assessments, which according to them revealed that a significant number of claims contained unacceptable infractions that rendered them invalid.
“As indicated in our August 8th release: Menzgold has successfully and finally completed the validations of the transaction supporting documents Customers presented for vetting. Unfortunately, it was determined that over sixty percent (60%) of the claims were fraught with unacceptable infractions which invalidate the claims in question.”
The statement also communicated that customers aiming to retrieve their funds currently held would be required to engage in the Menzgold Digital Verification Access Card procedure. This process is devised to authenticate transactions and substantiate claims.
As outlined in the announcement, the Menzgold Digital Verification Access Card will be procurable for GH¢650 each through authorized Payboy Agents.
This card will empower customers to assess the validation status of their transactions within the timeframe of August 10, 2023, to September 14, 2023. Additionally, customers will need to submit authentic colored digital copies of the necessary documents corroborating their transactions.
“To the above end and as part of the final phase of our due diligence processes, we urge all Customers who believe they have genuine indebted transactions claims, to check their transactions status by acquiring the Menzgold Digital Verification Access Card at GH¢650 each. from any authorized Payboy Agent to verify their transactions validation status from the 10th August, 2023 to 14th September, 2023 and, to upload original coloured soft copies of their transactions supporting documents.
“Menzgold cannot offer free verification service like we did for the validation exercise, as we are committed to marshal all available resources into paying off our Company’s debt (liability).
“Please be well advised, that this final exercise is the most important due diligence standard. “Customers who fail to undergo this process risk forfeiture of their purported claims, as their right of claim would have been waived by the failure on their part to discharge their obligation,” the statement added.
Menzgold Ghana has introduced a new phase of customer validation in order to expedite the disbursement of funds to customers whose investments have been trapped.
In a communication dated August 18, 2023, the company informed its customers that this validation process is essential due to the results of their initial assessments, which identified a substantial number of claims that did not meet the necessary criteria and were therefore considered ineligible.
“As indicated in our August 8th release: Menzgold has successfully and finally completed the validations of the transaction supporting documents Customers presented for vetting. Unfortunately, it was determined that over sixty percent (60%) of the claims were fraught with unacceptable infractions which invalidate the claims in question.”
The statement also outlined that customers looking to recover their trapped funds would be required to engage in the Menzgold Digital Verification Access Card procedure, aimed at confirming transactions and validating claims.
As per the announcement, the Menzgold Digital Verification Access Card will be obtainable for GH¢650 each through authorized Payboy Agents.
This card will grant customers the ability to review the status of their transaction validation from August 10, 2023, to September 14, 2023. Additionally, customers will be asked to upload original colored digital copies of supporting documents for their transactions.
“To the above end and as part of the final phase of our due diligence processes, we urge all Customers who believe they have genuine indebted transactions claims, to check their transactions status by acquiring the Menzgold Digital Verification Access Card at GH¢650 each. from any authorized Payboy Agent to verify their transactions validation status from the 10th August, 2023 to 14th September, 2023 and, to upload original coloured soft copies of their transactions supporting documents.
“Menzgold cannot offer free verification service like we did for the validation exercise, as we are committed to marshal all available resources into paying off our Company’s debt (liability).
“Please be well advised, that this final exercise is the most important due diligence standard. “Customers who fail to undergo this process risk forfeiture of their purported claims, as their right of claim would have been waived by the failure on their part to discharge their obligation,” the statement added.
Based on their investigations, the Coalition has found no evidence of validation being carried out by either Menzgold or Payboy.
The Coalition of Aggrieved Customers of Menzgold Ghana, a company that used to trade in gold, has urged its members to dismiss statements made by the CEO, Nana Appiah Mensah.
He had claimed that more than 60 percent of the claims submitted by customers, which were due for payment, did not meet the eligibility criteria.
This statement from the Coalition comes in response to the announcement made by the now-defunct gold-trading firm.
They had stated that after conducting a validation process, they were unable to validate over 60 percent of the claims submitted by individuals who purportedly were customers seeking compensation.
A statement issued by the defunct gold trading company on Wednesday, August 9 August said: “Unfortunately over 60 percent of the total claims received were sadly not eligible thus invalid as the purported claims are plagued by one or several” defects it listed, including: “fake (fraudulent) supporting documents, transactions not approved by an Authorised Menzgold official and illegitimate claimant” among others.
Reacting to this however, the Coalition of Aggrieved Customers of the defunct company in a statement issued on Friday, 11 August 2023, signed by its Public Relations Officer (PRO) Frederick Forson cautioned its members “not to buy access card from Menzgold or his agents to access the so called validation data.”
According to the Coalition, its “checks indicate neither Menzgold nor Payboy has done any validation. This is a well programmed scheme hatched by Nam1 and his associates to fraudulently extort money from unsuspecting customers.”
The Coalition also rejected the “so called validation” which was solely done by NAM1 and “his Menzgold without the involvement of any known state reputable agency because Menzgold and Brew Marketing company Ghana limited were shut down by a State agency and the CEO, currently facing criminal trial and so it cannot purport to be doing validation on its own volition.”
It stressed that “Payboy is a company that does not have any credibility and urged its members “to slow down not to make any commitment” as these are “fraudulent deals.”
Speaking on the Business News on 12Live, the PRO of the Coalition of Aggrieved Customers Christopher Atitso emphasised, the new excuse by the company is to “fraudulently extort money from unsuspecting impoverished customers.”
Meanwhile the coalition is calling for the arrest of the CEO of the defunct company.
“If they[authorities] fail to do that Monday we’re walking to the Military High Command and ask them to come and arrest NAM 1,” the PRO stated.
The CEO of the now-defunct gold trading firm Menzgold, Nana Appiah Mensah, has revealed that a significant portion of the claims submitted for validation have been identified as problematic, accounting for more than sixty percent of the total submissions.
Menzgold had called upon its clients on July 30 to provide supporting documentation for validation, a process aimed at expediting the disbursement of payments.
The company outlined a range of issues among the submissions, including inconsistencies or irregularities in the provided records, counterfeit or fraudulent supporting documents, as well as forged authorized signatures, among other alleged discrepancies.
While Menzgold acknowledged these challenges in a statement, it encouraged clients falling within the aforementioned bracket of over 60 percent to independently verify the status of their gold trading transactions. This verification would entail confirming the authenticity, legitimacy, or lack thereof, of the purported transactions, ultimately determining the eligibility or ineligibility of any given claim.
“We advise confident Customers to obtain a ‘Menzgold Traders Transactions Status Verification Access Card’ from Payboy Company Limited or any of its authorized agents. This card will provide a Personal Identification Number (PIN), which can be used to digitally verify the eligibility or status of one’s transaction claim,” NAM 1 (Nana Appiah Mensah) further elaborated in the statement.
Payment disbursement to clients whose claims have been fully validated is scheduled to commence on October 20, 2023.
The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has indicated that a five-member Committee will be set up to investigate a petition submitted by aggrieved customers of Menzgold.
The Speaker made this announcement during a meeting with the customers of Menzgold when they called on him.
According to a statement from the Public Affairs Directorate of Parliament, the petition has now undergone the necessary procedures to become a motion, and it will be admitted before the House goes on recess.
The Committee will then consider the concerns of the aggrieved customers and present a report for debate when the House reconvenes after the recess.
During the meeting, Mr. Fred Forson, a leader of the group, described the challenging situations that the affected members have been facing, leading to 210 deaths recently. The group urged the Speaker to handle the motion promptly.
The National Democratic Congress (NDC) Member of Parliament (MP) for South Dayi, Rockson-Nelson Kwame Etse Dafeamekpor, who submitted the Motion to the Speaker, acknowledged the challenges the motion is facing due to the matter being before the court.
However, he appealed to the Speaker to admit the Motion for the House to consider the committee’s report, as only the criminal case is before the court.
The group expressed gratitude to the Speaker and hoped that their concerns would be addressed and resolved promptly.
Speaker Alban Sumana Kingsford Bagbin has hinted that he intends to set up a five-member Committee to investigate a petition by the aggrieved customers of Menzgold and report to the House for consideration.
According to the Speaker, the petition which has now gone through the right procedures of the House to become a motion, would be admitted before the House goes on recess and later set up a Committee to consider the concerns of the aggrieved customers and debate the report when the House comes back from recess.
The Speaker made these known when aggrieved customers of Menzgold paid a courtesy call on him.
Mr. Fred Forson, who is one of the Leaders of the group narrated the difficult situations the affected members are going through and how it has resulted into 210 deaths in recent times. He pleaded with the Speaker to work expeditiously on the motion.
The Member of Parliament for South Dayi, Hon. Rockson Nelson Kwame Etse Dafeamekpor, who submitted the motion to the Speaker, acknowledged the challenges being faced by the motion because the matter is before court but pleaded with the Speaker that it is only the criminal case which is before the court therefore the Speaker can admit the motion for the House to consider the report of the Committee.
The group expressed their gratitude to the Speaker and prayed that their concerns would be addressed and brought to finality soon.
Menzgold
Menzgold attracted a significant number of investors by offering high returns on their investments in gold trading.
The controversy erupted when regulatory authorities in Ghana, including the Bank of Ghana and the Securities and Exchange Commission (SEC), raised concerns about the company’s operations and the legality of its investment model. The SEC ordered Menzgold to stop accepting new deposits and halted its trading operations in September 2018. The Bank of Ghana had also previously issued warnings about the company’s unlicensed operations.
Despite these warnings and regulatory actions, Menzgold continued to operate and attract investments. Many people, including celebrities and individuals from various walks of life, invested their money in the company, hoping to earn high returns on their investments.
As the controversy escalated, Nana Appiah Mensah faced legal troubles, including issues related to the company’s operations and allegations of money laundering. In January 2019, he was arrested in Dubai on unrelated charges. It took several months for him to return to Ghana after legal proceedings in both countries.
The Menzgold controversy led to protests and demonstrations by investors who were unable to access their funds. Many individuals claimed to have lost substantial amounts of money.
In a statement dated July 29, Menzgold announced its successful completion of the transaction validation process assuring to soon reimburse its customers.
Management of the defunct gold trading company, Menzgold, has assured its customers that it will soon settle the debts owed them.
Menzgold issued a statement dated July 29, 2023, announcing the successful completion of their transaction validation process.
According to the statement, traders who made investments with Menzgold will soon have the opportunity to check the status of their validated transactions digitally.
They will be able to see if their claims have been approved and receive information about the specific date on which they can expect to receive their payments.
“Following the gold trading transaction claims supporting document collection and vetting exercise initiated, we are happy to announce that validation has successfully been completed,” Menzgold said in its statement.
According to Menzgold, traders will be granted access to digitally check their validated status and payment date.
“In a few days, traders will be granted access to digitally check their validated transaction status and an exact, individually scheduled binding payment date,” Menzgold promised.
In 2018, the Securities and Exchange Commission (SEC) ordered Menzgold to cease its gold trading operations and shut down its business for violating financial regulations.
The company’s shutdown led to a crisis as customers were unable to access their invested funds or receive the promised returns.
Many customers lost substantial amounts of money, and protests erupted as they demanded the return of their investments.
Nana Appiah Mensah, the CEO of Menzgold, faced legal challenges and was arrested in Dubai in 2018 on charges of fraud.
He was later extradited to Ghana, where he faced additional legal proceedings.
However , the aggrieved customers petitioned the government to ensure their locked up funds are released to them with some accusing the government of being lackadaisical in its prosecution of the embattled Menzgold owner, Nana Appiah Mensah, widely known as NAM 1.
The Coalition of Aggrieved Customers of Menzgold is urging government to arrest Nana Appiah Mensah, the Chief Executive Officer (CEO) of the defunct gold dealership company, also known as NAM1.
The group compares him to internet fraudsters and advises its members not to engage in any payment terms with him.
Their concerns arise after Menzgold’s management issued a statement claiming to have completed the transaction validation process and assuring customers of imminent payments.
“Nobody should engage him and that is what we are saying because of that document he brought out. What we want the government to do is to arrest him. What is contained in that document is simply the language of scammers, and we will want the government to arrest him.”
However, the group vehemently rejects the statement, deeming it as the language of scammers.
Speaking to the media, the spokesperson of the aggrieved customers, Fredrick Forson, called on the government to take swift action against Nana Appiah Mensah, demanding his arrest.
“Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy to announce that validation has successfully been completed,” Menzgold said in its statement.
The customers remain skeptical of any promises made by the defunct gold trading company and continue to seek resolution and justice.
The Accra Circuit Court has once again been forced to adjourn the case of Nana Appiah Mensah, widely known as NAM 1, who is the embattled Chief Executive Officer of Menzgold, due to ongoing delays in court proceedings. NAM 1 has been facing legal battles since July 2019 following his arrest on allegations of defrauding numerous individuals through his investment scheme, Menzgold.
Despite nearly four years passing since his initial arrest and subsequent court appearances, NAM 1 has not yet faced formal charges, and the state is eagerly awaiting the Attorney General’s advice on the matter. The accused is confronted with a total of 61 charges, including the charge of false pretenses.
During the latest adjournment, ASP Emmanuel Haligah, standing in for the substantive prosecutor, informed the court about the persisting delay in receiving the Attorney General’s guidance. The case’s most recent adjournment is set for September 20, 2023, and during these court proceedings, NAM 1 has been visibly present, exuding his “youthful exuberance.”
The court was presented with previous facts during the proceedings, revealing that approximately 16,000 individuals filed complaints against Menzgold around October 2018. These individuals alleged that they were convinced to invest GH¢1.68 billion in a gold purchase scheme that promised an alluring 10% monthly interest. The prosecution further disclosed that the complainants claimed their funds were locked up, and they were unable to locate NAM 1 and other key officials of Menzgold.
In-depth investigations unveiled that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016, respectively. Menzgold acquired a license from the Minerals Commission in August 2016, ostensibly to purchase and export gold from small-scale miners, while Brew Marketing Consult was established by NAM 1 as a gold buying agent. However, it was discovered that Menzgold did not possess the necessary license from the Minerals Commission to engage in gold trading, yet it publicly solicited deposits from the public, promising returns over a fixed period under the guise of gold purchasing.
In connection with the case, NAM 1’s wife, Rose Tetteh, and sister, Benedicta Appiah, are currently at large and have been identified as directors and principal officers of Menzgold and Brew Marketing Consult. The legal proceedings continue as the court grapples with the complexities of the case and awaits the Attorney General’s advice to move forward with formal charges against NAM 1 and the other implicated parties.
The Coalition of Aggrieved Customers of MenzgoldGhanais not backing down in its efforts to retrieve locked-up funds.
They have appealed to President Akufo-Addo to urgently address the issue in the upcoming State of the Nation’s Address (SONA).The President is expected to present the SONA to Parliament on March 8, 2023.
In a statement, the Coalition stated that the President’s decision on how the government will pay the locked-up investment in Menzgold will help customers retrieve their funds. The Coalition’s leadership first presented a petition to the President on September 12, 2022, requesting his intervention in their quest to retrieve their monies.
They have since been appealing to the President to intervene in their plight and help resolve the issue to save lives since nearly 200 customers have already died.
Meanwhile, the Director of Operations at the Office of the President has asked aggrieved customers of the embattled gold dealership company, Menzgold, to exercise patience with the government.
Mr. Lord Commey, who received the petition on behalf ofPresident Akufo-Addo, assured the aggrieved customers that the government would not neglect them.
In 2018, Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).
The SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid license. Since then, some aggrieved customers have protested on different occasions for their locked-up money to be released. Despite these protests, customers have yet to receive their money.
But Mr. Commey stresses that the Akufo-Addo government is committed to reimbursing aggrieved customers.
Government’s Domestic Debt Exchange Programme (DDEP) has been compared to the infamous Menzgold scandal by John Jinapor, member of parliament for Yapei/Kusawgu.
He maintains that the entire programme spearheaded by the Finance Minister is not only obnoxious but one that does not bode well for holders of government bonds or, more broadly, financial sector confidence.
Following an economic downturn and difficulties in servicing its debt, the government implemented the domestic debt exchange programme to give itself more time to meet its fiscal obligations.
Without the debt exchange programme, the government warned that the nation’s economy would collapse severely.
Speaking after Finance Minister, briefed Members of Parliament on Thursday on the debt swap process, the legislator said that the Minister’s decision to subject bondholders to a debt exchange is similar to the Menzgold Ponzi scheme that hit the country several years ago.
“If you digest all these, the most important thing the Finance Minister has told the people of Ghana is very simple. If you evaluate what he is doing, and evaluate what NAM 1 of Menzgold did, the two are synonymous and the same. There is no difference”, he emphasized.
The MP has also advised Leonard Chumo, who has been appointed by the International Monetary Fund (IMF) as a financial adviser to the Bank of Ghana, to exercise extreme caution.
Mr. Jinapor stated that Mr. Chumo must thoroughly review all documents provided to him by the Central Bank.
“I welcome Mr Chumo but please open your eyes at the Bank of Ghana…read and scrutinise the documents,” Mr. Jinapor said.
Ghana is currently requesting a $3 billion bailout from the IMF to bolster the struggling national economy.
Before the Bretton Woods institution’s board would evaluate Ghana’s request, one of the requirements is the domestic debt restructuring scheme.
A staff-level agreement between Ghana and the IMF was achieved in December, opening the door for the $3 billion rescue.
The embattled CEO of Menzgold and Zylofon Media, Nana Appiah Mensah, popularly known as NAM1, has taken to social media to announce that a new Zylofon Media is coming.
In a post made on his Twitter handle on Sunday, January 15, 2023, NAM1 revealed that a new dawn was upon the Ghanaian media space.
According to him, the people in the ‘Creative Arts, Mass Media, Sports, Science & Information Technology’ space should brace themselves because he is about to launch a brand new Zylofon Media.
He added that it was ‘a giant leap into everlasting glory’ as he shared the post on his Twitter page.
Just as expected, the post has been met with a lot of mixed reactions from his followers, especially, those who have their funds locked up at NAM1‘s Menzgold for more than four years because the company is no longer working.
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018 before the business was finally shut down.
According to the SEC at the time, 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.
The SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The event which happened an hour ago has left drivers and passengers as there is severe traffic on the section of the N1 Highway going to the Accra Mall area.
Per reports, the burning car, Pontiac Vibe with the license plate NR 37 11 was being driven by a female.
The owner of the vehicle, according to sources she was on her way to East Legon, however, when she got to Dzorwulu she observed smoke rising from the bonnet of her car, as such she pulled over to investigate.
Shortly after this, the car caught fire and blew up in flames. She however managed to, with the help of some bystanders and a police officer who was around, to get her luggage out of the vehicle before the fire escalated.
Though details of what started the fire remain scanty, the owner of the vehicle is said to have narrowly escaped.
Meanwhile, some personnel of the Ghana National Fire Service who rushed to the scene have brought the situation under control.
Some aggrieved customers of the defunct gold collectable company, Menzgold, have served notice to walk to the office of the president to intervene in the payment of their locked-up funds on Monday, 12 September 2022.
The walk according to the group will start from customs car park near Ministry, Accra to the Independence Square for press briefing and from there present a petition to the President at the Jubilee House.
The operations of Menzgold were shut down in September 2018 by the Securities and Exchange Commission.
The company’s operating license which had initially been granted in 2014 by the Minerals Commission of Ghana was primarily for gold trading and export.
However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
Some customers were adamant while the company also called the bluff of the regulatory authorities.
Customers deposit at Menzgold have been locked out since the shutdown and can’t access their investments, leading to numerous demonstrations at its various branches to no avail.
Some aggrievedcustomers of the defunct gold collectable company, Menzgold, have served notice to walk to the office of the presidentto intervene in the payment of their locked-up funds on Monday, 12 September 2022.
The walk according to the group will start from customs car park near Ministry, Accra to the Independence Square for press briefing and from there present a petition to the President at the Jubilee House.
The operations of Menzgold were shut down in September 2018 by the Securities and Exchange Commission.
The company’s operating license which had initially been granted in 2014 by the Minerals Commission of Ghana was primarily for gold trading and export.
However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
Some customers were adamant while the company also called the bluff of the regulatory authorities.
Customers deposit at Menzgold have been locked out since the shutdown and can’t access their investments, leading to numerous demonstrations at its various branches to no avail.
“Prominent among such entities was an amorphous organisation operating a microfinance institution under the guise of gold trading and illegally using the name of a bank calling itself Menzbank.
“Against caution from the Central Bank, tens of thousands of individuals got hooked on the scheme devised by the company. Following the close down by the Securities and Exchange Commission, the customers could not retrieve their funds.
The company relied on the greed and ignorance of thousands of otherwise hardworking Ghanaians who were prepared to pay their life savings to the suspects in the case, resulting in losses worth millions of dollars†Godfred Dame explained.
The Attorney General said the saga has over the years culminated in a social crisis which resulted in protests and some level of unrest in the financial section.
“The situation caused misery and distress to many homes and unleashed a social crisis as riots and demonstrations broke out on the streets of Accra and other parts of the country,†he stated
“In real terms, people lost their homes, and some marriages have even broken up as a result of the Menzgold saga. Indeed, one lawyer suggested that the story of Menzgold could cause a civil war in Ghana in a manner akin to the civil war in Albania in 1997 caused by aggrieved customers of a Ponzi scheme,†the A-G noted.
He continued, “By the Grace of God, Ghana was saved from such a situation as a result of the prompt action taken by authorities at the helm of the financial system. I am happy to state that after painstaking investigations, dockets on that financial crime are almost ready for prosecution to commence in earnest.”
He added that apart from the Menzgold saga, the Office of the Attorney-General is prosecuting other high-profile cases involving the offences of willfully causing financial loss to the State such as stealing, corruption, fraud, procurement breaches and money laundering.
These cases, according to Godfred Dame, form parts of efforts to hold public officers and entities accountable.
He revealed that these crimes however amount to a sum of over $850 million.
According to him, the motive for these prosecutions is to hold public officers to account.
“The Office of the Attorney-General is prosecuting other high-profile cases involving the offences of wilfully causing financial loss to the State, stealing, corruption, fraud, procurement breaches, and money laundering.â€
Attorney General, Godfred Yeboah Dame
“These cases have as their sole object, the principle of holding public officers to account and involve sums of over $850 million.â€
Mr. Dame made this known when he spoke on the financial sector crisis in Ghana at Cambridge University on Monday, September 5.
Godfred Yeboah Dame, Attorney General
At the same event, he disclosed that the dockets for the prosecution of the CEO of the defunct Menzgold, Nana Appiah Mensah is almost ready.
He said thorough investigations went into the building of the dockets.
“Painstaking investigations, dockets of the financial crime, are almost ready for the prosecution to commence in earnest.â€
Some disgruntled customers of the defunct gold-trading company, Menzgold Ghana, have sent a reminder to award-winning dancehall artiste, Livingstone Etse Satekla, popularly known as Stonebwoy, that they have not forgotten his role in putting them through their current plights.
According to the Coalition of Aggrieved Customers, Stonebwoy should not deceive himself that he can easily re-introduce another investment of similar fashion to Menzgold to his huge fan-base and get away with it.
“Ghana has not forgotten so soon that Livingstone Etse Satekla alias Stonebwoy was one of the lead brand ambassadors for the botched MenzGold investment where in a similar fashion he and others lured their followers into investing in MenzGold which has resulted in the deaths of not less than 179 victims with many others down with various degrees of ailments,†portions of the statement said, reports classfmonline.com.
The group has since called on the Economic and Organised Crime Office (EOCO), and the Criminal Investigation Department (CID) of the Ghana Police Service to arrest Stonebwoy for endorsing and promoting an unlicensed financial scheme called SidiCoinNFT.
Stonebwoy recently announced the new investment scheme via a tweet but the coalition wants even stiffer punitive actions to be taken against the dancehall: to be stripped of any “national or corporate award†he has earned.
“It should be noted that Stonebwoy has over 2.8 million followers on Twitter, over 3.1 million followers on Facebook and over 4 million followers on Instagram and as such we must not take his influence lightly.
“This unlicensed sidicoinNFT has been structured in almost the same manner as MenzGold was. Their legal terms, purity of gold of the coin being offered, fixed percentages of dividends one is assured, and language of their terms and conditions cleverly tells you that this business is a Nam1- made- scam,†the statement co-signed by its Public Relations Officer (PRO) and Vice-President, Francis Owusu, added.
The group further expressed shock and disappointment in the dancehall artiste for continuously supporting such initiatives, especially when it is linked to the same person.
“Media reports that this new scheme belongs to Nam1 is not doubtful and as victims of MenzGold we cannot understand why this gentleman has been a bi-annual innovator, creator and father of modern day schemes in Ghana and our state authorities continue to look on helplessly in bringing him and his assigns including Stonebwoy to face full justice,†it added.
The group also wants all relevant security to investigate and arrest all the people linked to the new SidiCoinNFT investment.
“The relevant security agencies and state authorities to investigate, arrest, and prosecute all those behind this SidicoinNFT and its brand ambassador Stonebwoy without delay,†it added.
In the meantime, the company known as SidiCoin says it is not aware of any company registered under the name SidiCoinNFT in the country.
Menzgold customers want Parliament to investigate the closure of the company in which their funds have been locked up, three years after its collapse.
According to the aggrieved customers, a probe will establish the circumstances which led to the supposed disappearance of some 400 kilograms of gold bars during the time the Economic and Organized Crime Office (EOCO) closed down the company.
The defunct gold dealership firm’s customers are bemoaning the lack of government commitment to pay their locked funds.
Fred Forson, spokesperson for the aggrieved customers told journalists in Accra on Tuesday, September 14, during a press conference that:
“We call on Parliament to investigate the closure of Menzgold including the role played by SEC and EOCO as well as the bank accounts of the CEO and board members of Menzgold and Brew Marketing Companies. The whereabouts of some 400 kilograms of gold assets should also be investigated.â€
He added, “Ghana should as a matter of urgency treat the unresolved Menzgold issue as an emergency national catastrophe. We call on the government in the spirit and within the wind of cooperation blowing in parliament to work closely with the august house to find an amicable solution to this conundrum that customers find themselves. Finding a solution will end the extinction of over a million Ghanaians whose lives and very existence have been shut with the shutdown of Menzgold.â€
Since the company was collapsed in 2018 following a suspension order from the Securities and Exchange Commission (SEC), management of the gold dealership firm has been struggling to reimburse its customers.
They promised to pay the customers their locked-up funds, which have been in arrears for the past three years, but that is yet to happen.
The Vice President of Ghana, Dr. Mahamudu Bawumia has said that the government does not have any plan for clients of defunct gold dealership firm Menzgold.
According to him, the government is only dealing with legal entities that were closed down due to corporate governance issues.
“We are dealing with legal entities and the government has paid depositors who lost their monies to the various financial institutions that were legally dealing with the people and that includes clients of DKM,” he said this while speaking in an interview on Bolgatanga-based A1 Radio.
“But for clients of Menzgold, the government does not have any plan in sight for them because they were dealing with an illegal entity, and when they were warned, they virtually told the government to stop disturbing them.â€
He said that until the government takes another position on the issues bothering Menzgold Ghana, the government cannot pay depositors their monies.
Police have secured an interim injunction against a planned demonstration to commemorate the second anniversary of the collapse of gold dealership company, Menzgold Ghana Limited.
Inspector-General of Police (IGP) James Oppong-Boanuh filed an injunction to prevent the event which is being championed by the Coalition of Aggrieved Customers of Menzgold, Ghana, from being held.
“It is hereby ordered that the respondents, the Coalition of Aggrieved Customers of Menzgold Ghana, Isaac Nyarko and Fred Forson are hereby restrained from the intended demonstration to commemorate two years of the collapse of Menzgold Company,†the injunction document signed by Justice of the High Court, Stephen Oppong directed.
The Coalition announced a wreath-laying ceremony in commemoration of customers who lost their lives as a result of the locking up of their investments.
Leaders of the Coalition wrote a letter to the IGP requesting for security during demonstration exercise slated for September 12, 2020.
“Since the collapse of the company, we have lost over 60 members and many have become bed-ridden due to the continued lock-up of our investment in Menzgold. It is our expectation that your outfit will provide security to help bring the programme to a successful because it will be highly-violent free. The programme is expected to last for two hours with an expected attendance of more than 200 people,†the Coalition said in a statement to the IGP.
Menzgold collapse
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018.
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.â€
The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.â€
Despite initial protests, Menzgold complied with the directive.
Two years on, the company has failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.
The Coalition of Aggrieved Customers of Menzgold wants its members to be included in the bailout arrangement for collapsed fund management companies.
They contend that since Menzgold falls under the jurisdiction of the Securities and Exchange Commission (SEC), they also fit in the category of beneficiaries of the bailout package.
“We write on behalf of members of the Coalition of Aggrieved Customers to request that customers of Menzgold Company Limited be made part of the beneficiaries of the bailout fund for depositors of collapsed institutions by Securities and Exchange Commission,†the Menzgold customers indicated in a statement.
According to them, over 60 people have died while many others are living with severe health issues with others also left bedridden, as a result of the shut down of Menzgold.
Meanwhile, SEC has agreed to cover all payments due the clients as per amounts validated.
SEC has validated GH¢1.08 billion claims put in by clients of 22 fund management companies (FMCs).
In a statement issued last Wednesday evening, the SEC further clarified that clients of 22 companies against whom the official liquidator (OL) had secured orders would form the first batch to receive payments, while another petition was pending in court to secure orders for the second batch, which would cover clients of about 28 FMCs.
The Coalition of Aggrieved Customers of Menzgold has said its members are endeared to former President John Dramani Mahama ever since the latter indicated he will pay their locked up investments when he wins power.
Former President John Mahama says the next NDC government will within one year in power pay all customers whose investment have been locked up as a result of the financial sector cleanup undertaken by the Akufo-Addo government.
“We will Within one year of being in office pay customers of the collapsed financial institutions all funds locked up. We shall not put together any long plan that will delay the payment,†Mahama stated at the outdooring of his running mate Professor Jane Naana Opoku-Agyemang in Accra.
A statement by the Coalition said the promise by the former leader is apt, while it expressed gratitude to Mahama for his thoughtfulness.
“Menzgold customers are advised to go and register so that they can vote to make this promise a reality.â€
It further said, “we are challenging anybody to a debate and we will demonstrate to them why the State should not only pay us but should, in addition, compensate us for negligence.â€
Members of the Coalition of Aggrieved Customers of Menzgold have called on all customers of the defunct gold dealership firm, their families and friends to register massively for the new voter card which is currently ongoing across the country to enable them vote on 7 December 2020.
“This is a very urgent and important call on all our members so that we can be part of the decision to determine which group of people will run the affairs of this nation in view of what has happened to our locked up investments in Menzgold and other financial institutions,†the coalition said in a letter to its members and all former customers of Menzgold.
All customers, according to the letter, “should see the ongoing exercise as an important national duty and must comply as such. Your vote is your power. As customers, our money shall determine our votes on December 7th 2020.â€
Customers of the defunct firm have had their investment locked up after the Security and Exchanges Committee (SEC) closed down Menzgold over regulatory issues in 2018.
Several demonstrations and picketing to get back their lock-up investments have proved futile.
