TIG Post

Tag: Menzgold

  • State files new charges against NAM 1

    The State on Tuesday filed new charges against the Chief Executive Officer of Menzgold, Nana Appiah Mensah also known as NAM 1 at the Accra Circuit Court.

    Assistant Superintendent of Police (ASP) Sylvester Asare told the Court that the State had filed a new charge sheet against the accused but his directives were that he should hold on to it and also the plea taking of the accused

    “We, therefore, plead with the court not to take his plea as there will be further instructions l need to adhere to going forward,” he said.

    The Court presided over by Ms Ellen Asamoah granted the request of the prosecution.

    NAM 1 is facing 63 counts of money laundering, stealing, taking deposits without authority with other family members now at large.

    His lawyers were not opposed to the new charge sheet but pleaded with the Court to expedite the process for their client.

    There was heavy security presence when NAM 1 appeared in Court.

    The Circuit Court on July 26, 2019 granted NAM 1 bail in the sum of GH¢1 billion with five sureties, three to be justified.

    He had pleaded not guilty to all initial 13 charges levelled against him by the State.

    He is also to report to the police every Wednesday at 1000 hours.

    He was initially charged with abetment of crime, defrauding by false pretence, carrying on a deposit-taking business without licence, sale of minerals without licence, unlawful deposit taking, and money laundering.

    It is alleged that the accused had taken various sums of money, totalling GH¢1.6 billion from customers.
    The court adjourned the trial to Monday, July 20.

    Source: GNA

  • Ghanaian Times: Menzgold customers outrage justified

    In August last year, Nana Appiah Mensah, popularly known as NAM1, the Chief Executive Officer(CEO) of controversial gold dealership firm, Menzgold, addressed a press conference in Accra and appealed to the government to help his outfit to pay customers who have been living in fear of losing their investments.

    He was addressing the media soon after returning to Ghana after his release from custody in Dubai and after securing bail from an Accra court where he was arraigned and charged with over 61 offences against the state.

    The offences, including money laundering, fraud, taking illegal deposits and trading in unlicensed minerals, were brought against NAM 1. The amount involved is GH¢1.68 billion ($308.4m) collected from 16,001 investors.

    From 2014 to 2018, Menzgold was said to have offered the investors interest rates of seven to 10 per cent per month on gold deposits.

    On paper, the offer was very attractive and more generous than what traditional banks offered at the time.

    But as is public knowledge, the business went bust and since last year the customers have made many efforts to retrieve their investments without success.

    To back their demand, hundreds of the Menzgold customers on many occasions in the past protested in different parts of the country demanding retrieval of their monies.

    Some even went as far as to demand payment from the government citing regulatory failures by the Bank of Ghana (BOG) and allied bodies like the Securities and Exchange Commission (SEC).

    Unfortunately, all the efforts have not yielded results and as some of them would want us to believe, many of the investors have died and others continue to agonise over the loss of their investments.

    To make matters worse, however, NAM 1 continues to flaunt his wealth around by organising flamboyant events, many of which the customers justifiably consider offensive.

    The question on the lips of many of these customers is that, if he still has what it takes to organise such lavish ceremonies, why then is he not paying their monies back to them.

    Of course, that does not appear to be his priority and that has angered the investors who have called for his immediate arrest.

    Under an umbrella group, the Coalition of Aggrieved Customers of Menzgold (CACM) Ghana, the investors said “we are very much appalled by the bravado and open disregard for the laws of the land seeing NAM1, a man who has been slapped with 61 criminal charges including money laundering still signing financial contracts and being escorted by macho men.

    In fact, the actions of NAM1 do not show any empathy towards the sufferings of his customers who he has failed to pay in the past several months and he goes ahead to rub salt into their wounds by organising a lavish public event that has gone viral on social media.

    The Ghanaian Times sympathises with all the customers who are yet to retrieve their investments and urge state institutions which are handling the case in court to deal with it quickly, so that, the investors can get their monies back.

    Source: Ghanaians Times

  • I’ve paid over GH₵9.6m to Menzgold customers, rest to be paid by Dec NAM 1

    The Chief Executive Officer of defunct gold dealership firm, Menzgold, Nana Appiah Mensah, alias NAM1 says he has paid over GH₵9.6 million to customers whose monies were locked up in his firm.

    He has also assured customers who are yet to receive their monies that they would receive their monies before the end of December 2020.

    In statement published on Instagram, NAM1 dispelled rumours that he had neglected customers affected by the shutdown of Menzgold to sign on a new artiste onto his Zylofon Music record label.

    According to him, it would be wrong to say that Zylon and Menzgold were one and the same and that the only way he has been able to settle his indebtedness to affected customers was because of the other sources of revenue being generated by the former.

    Below is his full statement

    A cardinal trait or element in business is the assets and liabilities phenomenon. All operational businesses have assets, premised on liabilities (All debits/obligations such as debts, faulty machinery, salaries etc. In fact, any obligation owed to another party (susceptibility) can be termed as a liability. Liabilities would forever be a part of all human endeavors.

    Liabilities in the immediate instance aside serving as a driver (motivation) for business owners/managers to get corporate objectives achieved, are also employed to widely open income streams. It is when your liabilities exceed your assets as a Company that you have a problem, and as a State is when you’re termed a failed state. Thankfully, Ghana is working just fine and we as an entity within the republic would utilize our assets (the ones we can reverse or mobilize) to make it possible to overcome all our liabilities.

    To say that, Menzgold and Zylofon are one and the same is a very low shot at logic and a glaringly incredible display of intellectual deficiency or bankruptcy. A child and his/her sibling may have the same biological parents, are obviously from the same family but are two different individuals in every respect. This is a firm factual point at law and in principle.

    In any case, if one is indebted and does not get productive, how is he or she expected to generate income to service or pay off the debt? We as a formidable group need, we must and shall open up our income streams by resorting to the very little human and capital resources at our disposal, to wisely and tactfully, get productive as a group to pay off completely soon just so we can salvage an ailing proud member of our sect as quickly as possible.

    As of now, we hold documentary evidence, clearly showing that we have paid over ninety six (96) billion old Ghana cedis (GHC9.6M) even in our state of dormancy and continue to humbly make payments every now and then. We’re capable, committed and shall continue to appreciate the paid up figure to a conservatively minimum amount of Six Hundred (600) billion old Ghana cedis (GHS60M) before the end of the calendar month of December, 2020 as we commence productivity now.

    Many see the Menzgold customer body purportedly locking horns with the Company; I see a customer body in the light of a readily available huge market, representing an embodiment of personal and corporate brands unmatched confidence, a preservation of which is extremely necessary for our possible present and future endeavors. Consequently, our immediate very swift resolution of this still pending partial debt matter, is a need and a must in other to be able to happily shake hands again with these cherished customers.

    We as a group cannot and would not wait for a perfect timing or favorable, perfect condition before we get productive as that would never happen. Perfection is the sole preserve of deities.

    Sadly, we are just mortal human beings. Let us be minded also that unfortunately, Utopia too is a myth. For us at Zylofon, if there is a time to get to work, adjust and readjust to get productive whether or not we were productive yesterday lies in yesterday. I urge you all Zylofonians as we affectionately call ourselves, that the time is NOW. I would only entertain a conversation IF anybody can convince me based on thorough research work and data, that music business (contents creation and its monetization) is not a trade and that, producing music/content and monetizing it the right way does not yield income.

    In as much as we share more in, regret deeply and sincerely apologize for the consequence of our shipwreck, which obviously has contributed to somewhat sour socio-economic plights for our patrons and mainly for us as a company, our period of lamentation is over, we are very much motivated, our hearts and spirits are poised to wrestle and to win. Admittedly, our journey seems very dark amidst earthquake and boisterous thunderstorms with persistent unnecessary and unjustifiable heckles. Refreshingly, we are human; fearfully and wonderfully made in the image and likeness of the almighty God, we’re bestowed with limitless potentials and can do ALL things through God who strengthens us. For this reason, we shall subdue this intimidating fowler and worrisome elements comprising the “forces of darkness”. WE SHALL OVERCOME.

    May the Lord God almighty, Allah most merciful and most gracious bless us all and continue to be a LIGHT unto our path and a lamb unto our feet. #FollowTheLight.

    Source: graphic.com.gh

  • Publish names of customers you claim to have paid – Menzgold clients to NAM1

    Some customers of Menzgold Ghana have described the claims by Nana Appiah Mensah, alias NAM1 that he has paid over GH¢9.6 million to customers whose monies were locked up in his firm as “false”.

    They have subsequently challenged NAM1 to publish the names of the customers he claims to have paid.

    Samuel Odartey threw the challenge to NAM1 at a press conference Monday morning on behalf of the customers.

    He said the Economic and Organised Crimes Office (EOCO) via a court order has frozen NAM1’s assets, “so where did NAM1 get the money to pay GH¢9.6 million and how was the payment done.”

    NAM1, who is the Chief Executive Officer of defunct gold dealership firm, Menzgold, in a statement issued on Sunday, June 14, 2020, claimed that he has paid over GH¢9.6 million to customers whose monies were locked up in his firm.

    He also assured customers who are yet to receive their monies that they would receive their monies before the end of December 2020.

    NAM1 published the statement on Instagram as part of efforts to help dispel rumours that he had neglected customers affected by the shutdown of Menzgold to sign on a new artiste onto his Zylofon Music record label.

    According to him, it would be wrong to say that Zylon and Menzgold were one and the same and that the only way he has been able to settle his indebtedness to affected customers was because of the other sources of revenue being generated by the former.

    Below is his full statement

    A cardinal trait or element in business is the assets and liabilities phenomenon. All operational businesses have assets, premised on liabilities (All debits/obligations such as debts, faulty machinery, salaries etc. In fact, any obligation owed to another party (susceptibility) can be termed as a liability. Liabilities would forever be a part of all human endeavors.

    Liabilities in the immediate instance aside serving as a driver (motivation) for business owners/managers to get corporate objectives achieved, are also employed to widely open income streams. It is when your liabilities exceed your assets as a Company that you have a problem, and as a State is when you’re termed a failed state. Thankfully, Ghana is working just fine and we as an entity within the republic would utilize our assets (the ones we can reverse or mobilize) to make it possible to overcome all our liabilities.

    To say that, Menzgold and Zylofon are one and the same is a very low shot at logic and a glaringly incredible display of intellectual deficiency or bankruptcy. A child and his/her sibling may have the same biological parents, are obviously from the same family but are two different individuals in every respect. This is a firm factual point at law and in principle.

    In any case, if one is indebted and does not get productive, how is he or she expected to generate income to service or pay off the debt? We as a formidable group need, we must and shall open up our income streams by resorting to the very little human and capital resources at our disposal, to wisely and tactfully, get productive as a group to pay off completely soon just so we can salvage an ailing proud member of our sect as quickly as possible.

    As of now, we hold documentary evidence, clearly showing that we have paid over ninety six (96) billion old Ghana cedis (GHC9.6M) even in our state of dormancy and continue to humbly make payments every now and then. We’re capable, committed and shall continue to appreciate the paid up figure to a conservatively minimum amount of Six Hundred (600) billion old Ghana cedis (GHS60M) before the end of the calendar month of December, 2020 as we commence productivity now.

    Many see the Menzgold customer body purportedly locking horns with the Company; I see a customer body in the light of a readily available huge market, representing an embodiment of personal and corporate brands unmatched confidence, a preservation of which is extremely necessary for our possible present and future endeavors. Consequently, our immediate very swift resolution of this still pending partial debt matter, is a need and a must in other to be able to happily shake hands again with these cherished customers.

    We as a group cannot and would not wait for a perfect timing or favorable, perfect condition before we get productive as that would never happen. Perfection is the sole preserve of deities.

    Sadly, we are just mortal human beings. Let us be minded also that unfortunately, Utopia too is a myth. For us at Zylofon, if there is a time to get to work, adjust and readjust to get productive whether or not we were productive yesterday lies in yesterday. I urge you all Zylofonians as we affectionately call ourselves, that the time is NOW. I would only entertain a conversation IF anybody can convince me based on thorough research work and data, that music business (contents creation and its monetization) is not a trade and that, producing music/content and monetizing it the right way does not yield income.

    In as much as we share more in, regret deeply and sincerely apologize for the consequence of our shipwreck, which obviously has contributed to somewhat sour socio-economic plights for our patrons and mainly for us as a company, our period of lamentation is over, we are very much motivated, our hearts and spirits are poised to wrestle and to win. Admittedly, our journey seems very dark amidst earthquake and boisterous thunderstorms with persistent unnecessary and unjustifiable heckles. Refreshingly, we are human; fearfully and wonderfully made in the image and likeness of the almighty God, we’re bestowed with limitless potentials and can do ALL things through God who strengthens us. For this reason, we shall subdue this intimidating fowler and worrisome elements comprising the “forces of darkness”. WE SHALL OVERCOME.

    May the Lord God almighty, Allah most merciful and most gracious bless us all and continue to be a LIGHT unto our path and a lamb unto our feet. #FollowTheLight.

    Source: graphic.com.gh

  • Publish names of customers you claim to have paid – Menzgold clients to NAM1

    Some customers of Menzgold Ghana have described the claims by Nana Appiah Mensah, alias NAM1 that he has paid over GH¢9.6 million to customers whose monies were locked up in his firm as “false”.

    They have subsequently challenged NAM1 to publish the names of the customers he claims to have paid.

    Samuel Odartey threw the challenge to NAM1 at a press conference Monday morning on behalf of the customers,

    NAM1, who is the Chief Executive Officer of defunct gold dealership firm, Menzgold, in a statement issued on Sunday, June 14, 2020, claimed that he has paid over GH¢9.6 million to customers whose monies were locked up in his firm.

    He also assured customers who are yet to receive their monies that they would receive their monies before the end of December 2020.

    NAM1 published the statement on Instagram as part of efforts to help dispel rumours that he had neglected customers affected by the shutdown of Menzgold to sign on a new artiste onto his Zylofon Music record label.

    According to him, it would be wrong to say that Zylon and Menzgold were one and the same and that the only way he has been able to settle his indebtedness to affected customers was because of the other sources of revenue being generated by the former.

    Below is his full statement

    A cardinal trait or element in business is the assets and liabilities phenomenon. All operational businesses have assets, premised on liabilities (All debits/obligations such as debts, faulty machinery, salaries etc. In fact, any obligation owed to another party (susceptibility) can be termed as a liability. Liabilities would forever be a part of all human endeavors.

    Liabilities in the immediate instance aside serving as a driver (motivation) for business owners/managers to get corporate objectives achieved, are also employed to widely open income streams. It is when your liabilities exceed your assets as a Company that you have a problem, and as a State is when you’re termed a failed state. Thankfully, Ghana is working just fine and we as an entity within the republic would utilize our assets (the ones we can reverse or mobilize) to make it possible to overcome all our liabilities.

    To say that, Menzgold and Zylofon are one and the same is a very low shot at logic and a glaringly incredible display of intellectual deficiency or bankruptcy. A child and his/her sibling may have the same biological parents, are obviously from the same family but are two different individuals in every respect. This is a firm factual point at law and in principle.

    In any case, if one is indebted and does not get productive, how is he or she expected to generate income to service or pay off the debt? We as a formidable group need, we must and shall open up our income streams by resorting to the very little human and capital resources at our disposal, to wisely and tactfully, get productive as a group to pay off completely soon just so we can salvage an ailing proud member of our sect as quickly as possible.

    As of now, we hold documentary evidence, clearly showing that we have paid over ninety six (96) billion old Ghana cedis (GHC9.6M) even in our state of dormancy and continue to humbly make payments every now and then. We’re capable, committed and shall continue to appreciate the paid up figure to a conservatively minimum amount of Six Hundred (600) billion old Ghana cedis (GHS60M) before the end of the calendar month of December, 2020 as we commence productivity now.

    Many see the Menzgold customer body purportedly locking horns with the Company; I see a customer body in the light of a readily available huge market, representing an embodiment of personal and corporate brands unmatched confidence, a preservation of which is extremely necessary for our possible present and future endeavors. Consequently, our immediate very swift resolution of this still pending partial debt matter, is a need and a must in other to be able to happily shake hands again with these cherished customers.

    We as a group cannot and would not wait for a perfect timing or favorable, perfect condition before we get productive as that would never happen. Perfection is the sole preserve of deities.

    Sadly, we are just mortal human beings. Let us be minded also that unfortunately, Utopia too is a myth. For us at Zylofon, if there is a time to get to work, adjust and readjust to get productive whether or not we were productive yesterday lies in yesterday. I urge you all Zylofonians as we affectionately call ourselves, that the time is NOW. I would only entertain a conversation IF anybody can convince me based on thorough research work and data, that music business (contents creation and its monetization) is not a trade and that, producing music/content and monetizing it the right way does not yield income.

    In as much as we share more in, regret deeply and sincerely apologize for the consequence of our shipwreck, which obviously has contributed to somewhat sour socio-economic plights for our patrons and mainly for us as a company, our period of lamentation is over, we are very much motivated, our hearts and spirits are poised to wrestle and to win. Admittedly, our journey seems very dark amidst earthquake and boisterous thunderstorms with persistent unnecessary and unjustifiable heckles. Refreshingly, we are human; fearfully and wonderfully made in the image and likeness of the almighty God, we’re bestowed with limitless potentials and can do ALL things through God who strengthens us. For this reason, we shall subdue this intimidating fowler and worrisome elements comprising the “forces of darkness”. WE SHALL OVERCOME.

    May the Lord God almighty, Allah most merciful and most gracious bless us all and continue to be a LIGHT unto our path and a lamb unto our feet. #FollowTheLight.

     

    Source: Graphic.com.gh 

  • Payboy ends contract with Menzgold over arrest of officials

    Following the arrest of some of its officials on Wednesday, May 27, 2020, Payboy Company Limited says it has terminated its agreement with Menzgold to facilitate the payment of its customers.

    In a statement, the management of Payboy said “We have indicated to Menzgold Ghana Company Limited our decision to opt out of the ‘Payment Facilitation Agreement’ we signed on the 7th February, 2020. Amongst others, we indicated that we would NOT admit any Menzgold Customer at our premises on the basis of negotiating and facilitating mutually acceptable payment mode or manner for the indebted client.”

    On Friday, the Economic and Organised Crime Unit announced it had arrested some officials of Payboy Company Limited indicating that the company was operating without the requisite licenses from either the Bank of Ghana or the Securities and Exchanges Commission.

    Menzgold appointed Payboy as a third-party entity to negotiate the settlement with the thousands of customers of the failed gold dealership firm.

    Menzgold said in a statement at the time that the company will negotiate and facilitate the payment of the investment of its customers whose investments are still locked up.

    The Bank of Ghana collaborated with other regulatory agencies to pull the brakes on the activities of Menzgold some two years ago over regulatory issues, bringing to an end what many say was a Ponzi scheme.

    It is estimated that the failed gold dealership firm owes up to $42 million in accrued investments and principals.

    Read the full statement by Payboy Company Limited below.

    Source: www.ghanaweb.com

  • Officials of Payboy Company Ltd. arrested for operating without license

    Some officials of Payboy Company Limited have been arrested by the Economic and Organized Crime Office (EOCO).

    EOCO, in a release, said that the arrest was effected on Wednesday, May 27, 2020 after its preliminary investigations showed that the company was offering some financial services without the requisite license from the Bank of Ghana or the Securities and Exchange Commission.

    “The Economic and Organized Crime Office (EOCO) on Wednesday, 27th May, 2020 arrested some officials of Payboy Company Limited, an entity that purports to be into the Marketing and Promotion of Financial Technologies. Initial investigations have revealed that the company was operating without the required licenses from either the Bank of Ghana or the Securities and Exchange Commission,” EOCO said in a release.

    On its Facebook page, Playboy describes itself as a company that “undertakes the marketing and promotions of fin-tecs, which includes a wide range of digital financial solutions with the objective of identifying and presenting these seamless digital financial technologies to corporate bodies and private individuals, who have payment systems channel need.”

    The company was recently in the news for allegedly being appointed by embattled gold dealership firm, Menzgold to negotiate a settlement with their unpaid customers.

    Menzgold urged its disgruntled customers in a statement to cooperate with the new arrangement “as we strive to achieve this noble debt settlement objective.”

    But EOCO says Payboy is not licensed to conduct such business or any financial transactions and has warned the public not to do any business with them.

    “The general public is advised to be circumspect when dealing with companies or individuals if it involves financial commitments.”

    The office added that it is still conducting investigations into the matter.

     

    Source: citinewsroom 

  • Menzgold saga: Payboy officials arrested by EOCO

    Officials of a payment company that was appointed by Menzgold to negotiate settlement with its unpaid customers have been arrested.

    In a press release issued in Accra on Friday, the Economic and Organised Crime Office (EOCO) revealed that officials of the digital payment, marketing and promotions company were picked up because they lacked the requisite licence to operate.

    “Initial investigations have revealed that the company was operating without the requisite licenses from either the Bank of Ghana or the Security and Exchanges Commission,” EOCO explained.

    Menzgold appointed Payboy as a third-party entity to negotiate the settlement with the thousands of customers of the failed gold dealership firm.

    Menzgold said in a statement at the time that the company will negotiate and facilitate the payment of the investment of its customers whose investments are still locked up.

    The Bank of Ghana collaborated with other regulatory agencies to pull the brakes on the activities of Menzgold some two years ago over regulatory issues, bringing to end what many say was a Ponzi scheme.

    It is estimated that the failed gold dealership firm owes up to $42 million in accrued investments and principals.

     

    Source: www.ghanaweb.com

  • Arrest Menzgold customers who assaulted our agents Payboy Company Ltd demands

    Payboy Company Limited has condemned the action of the Coalition of Aggrieved Menzgold Customers after some members assaulted agents of the firm in Tarkwa, Western Region.

    Payboy is a one-stop digital payments vendor that promotes several digital payment services solution for individual and corporate clients worldwide.

    The company has so far brokered debt settlement agreements between Menzgold and hundreds of its clients.

    But on Thursday, April 9 members of the Coalition, numbering 50 and led by one Samuel Agyarko, besieged the offices of Payboy and vandalised some property.

    But for the intervention of the police on duty, 3news.com gathered, it would have been worse. A reinforcement was called in by the officer for calm to be restored.

    In a statement released by the management of Payboy Company Limited on Monday, April 20, the action by the aggrieved customers constituted “illegal interference with our lawful business operations”.

    “We kindly call on the Ghana Police Service especially the Tarkwa Police Command, to dutifully investigate this heinous illegality and to dispense their legally mandated duty to professionally bring these perpetrators to book in a bid to keep the public peace,” the statement demanded.

    Management also called on staff, agents and clients to remain calm “as we explore the many available options under both criminal and civil legal remedies, to adequately seek redress in our quest to protect and enjoy our rights as lawful citizens of Ghana”.

     

    Source: 3news.com

  • Akufo-Addo sidelined us during 2020 SONA – Menzgold, Gold Coast Fund Mgt customers

    Customers of Gold Coast Fund Management and Menzgold have accused President Akufo-Addo of sidelining them in the payment of locked up investment.

    President Akufo-Addo during his final State of the Nation Address yesterday announced that all locked up investments of customers of the financial sector cleanup will be paid.

    The President further revealed that payments up to GH¢5 billion are to begin on Monday, February 24, 2020.

    But speaking to Starr FM today, the spokesperson for the Gold Coast Fund Management, Charles Nyame said they are demanding an explanation from the government on what the silence means for payment.

    ”Nana Akufo-Addo, Vice President and the Finance Minister have sidelined we the customers under Gold Coast Fund Management. What they are trying to say is that they will pay customers who falls under Bank of Ghana, not those who fall under Securities and Exchanges Commission, We want the President to come out clear to tell us the reason why he thinks that as a result of his own initiative which is the financial sector cleanup exercise, we have all resulted into this mess and he thinks that those who are under Bank of Ghana can be satisfied to the detriment to those of us who are under SEC. The government should come out and tell us the reason why the think its right to do so and moving forward we are not going to rest, we are going to fight for our rights.”

    On the other hand, the leader of the Coalition of Customers of Menzgold, Fred Forson said they will continue to persist until their locked up funds are retrieved. Adding they are already preparing a demonstration in Kumasi.

    ”I am so disappointed because we have sent a petition to the President and if there was going to be an intervention the customers of Menzgold will be included but not even the mention of Menzgold customers in the State of the Nation Address. We are been discriminated and as for our money, we will take it. We will be going to Kumasi on March 6 to continue our protest”.

    Source: primenewsghana.com

  • We will not tolerate further demonstrations by Menzgold Customers – Police

    The Police in the Greater Accra Region says they will not tolerate any further demonstrations from aggrieved customers of the defunct gold dealership firm Menzgold because they are concentrating their efforts on combatting violent crimes in the capital.

    The Coalition of Aggrieved Customers of Menzgold Ghana had written to the police requesting permission to march to the Jubilee House to present a petition to President Nana Addo Dankwa Akufo-Addo.

    In a response signed by the Accra Regional Police Commander, DCOP Fredrick Adu Anim and sighted by Graphic Online, the Police said it cannot accept any form of demonstration during this period.

    “Grateful be informed that the command is concentrating on the fight against robbery and other violent crimes as we enter the threshold of the year, as a result, cannot accept any form of Demonstration, Picketing and Walk during this period.

    “The command also wishes to remind you that you have already demonstrated on the same subject matter in less than six (6) month as such will not tolerate any further demonstration as other citizens must also have their interest served by the Police”.

    Source: Graphic.com.gh

  • We are focused on fighting crime, not your protest – Police to Menzgold customers

    Protest in the Greater Accra Region has turned down a request by aggrieved customers of Menzgold to stage a protest march to the Presidency over their locked up investment.

    The group had written to the police requesting their permission to march to the Jubilee House to present a petition to President Akufo-Addo.

    In response, the Accra Regional Police Commander DCOP Fredrick Adu Anim says the permission can’t be granted.

    They say they are concentrating on the fight against robbery and other violent crimes and as a result can’t accept any form of demonstration, picketing and walking during this period.

    The Police also said the group has in less than six months demonstrated on the same issue and as such will not tolerate any further demonstration and other citizens must also have their interest served by the police.

    However, the Menzgold customers disagree with the Police and have sort legal education on the matter.

    The aggrieved Menzgold customers last month stormed the premises of CEO of the firm Nana Appiah Mensah aka NAM1.

    The customers forced their way into the Trasacco estate of NAM1 in demand of their locked up investments.

    The customers were initially prevented from entering the premises but managed to overpower the security personnel manning the gate.

    The Police quickly rushed to the scene and arrested over 100 customers and were sent to Police Headquarters.

     

    Source: primenewsghana.com

  • Police deny Menzgold customers permit to march to Akufo-Addo

    The Accra Regional Command of the Ghana Police Service has turned a section of aggrieved customers of Menzgold Ghana Limited away after they sought permit to stage a procession to the presidency.

    The Coalition of Aggrieved Customers of Menzgold Ghana wrote to the Command on Thursday, February 6 for permission to march to the presidency on Tuesday, February 11 to present a petition to President Nana Addo Dankwa Akufo-Addo.

    An estimated 200 aggrieved customers were expected to embark on the march.

    But in its response, the Command said its officer are engaged as they are concentrating on the fight against robbery and other violent crimes ahead of the December elections.

    “As a result, [we] cannot accept any form of demonstration, picketing and walk during this period,” the Regional Commander, DCOP Frederick Adu Anim, wrote.

    What is more, the Command said, the Coalition had demonstrated on the same issue less than six months “as such will not tolerate any further demonstration as other citizens must also have their interest served by the police”.

    Source: 3news.com

  • Menzgold customers to appear in court next week

    The more than ninety customers of Menzgold, who were arrested and granted bail, are being processed for court next week.

    The Police arrested them when they marched to the home of Nana Appiah Mensah, also known as NAM 1, at the Trassaco Valley area on Wednesday, January 8, in demand for their investments.

    We have released list of 200 paid clients to CID Menzgold

    The Deputy Superintendent of Police (DSP) Afia Tenge, Public Relations Officer of the Greater Accra Regional Police Command, told the Ghana News Agency that the docket of the aggrieved customers were being worked on by the Prosecution Unit of the Regional Headquarters, Accra, for them to appear in court.

    She said the process was quite slow due to the number of statements they had to process and was sure that by early next week all would be set for court.

    8 reasons Menzgold customers will get their monies in 2020 Amanda Clinton

    Mr Fred Forson, Spokesperson of the Coalition of Aggrieved Menzegold Customers, told the GNA that he, with two other executives; Timothy Binab, Chairperson, and Issac Nyarko, Vice Chairperson, who stood as sureties for the bail of their members, reported to the station in the morning in fulfilment of the bail conditions.

    He said the sureties were instructed to report to the station on Tuesday, January 14, together with all the customers on bail.

    Source: ghananewsagency.org

  • Scores of violent MenzGold customers arrested at NAM1’s residence

    About 100 aggrieved customers of the defunct gold-dealership firm MenzGold have been arrested by the police in Accra.

    Police say the demonstrating customers who forced their way into the plush Trassaco Estate Wednesday to demand their locked-up investments from owner of the firm, Nana Appiah Mensah, were acting violently.

    About 200 Menzgold customers have received locked up cash Management

    They were said to have assaulted the private security personnel who were manning the main gate to the estate to gain entry to disturb public peace.

    A gunshot was reportedly fired from within the residence of Nana Appiah Mensah popularly known as NAM1, when the aggrieved customers attempted to break the gate to his house, a situation that created confusion within the area.

    Gun-wielding police personnel arrived at the scene moments later and began chasing the customers some of who were arrested and drove away in police pick-up vehicles to the Police headquarters.

    Source: 3news.com

  • Menzgold customers begin fresh push to retrieve locked up cash

    Mr Fred Forson, spokesperson of the Coalition of Aggrieved Menzgold Customers, said they were ready to go all lengths to get their investments back from the gold dealership firm.

    He said customers across the country would converge in Accra next week and march to wherever they would find the Menzgold Chief Executive Officer (CEO), Nana Appiah Mensah (NAM1) to retrieve their locked up investments.

    Menzgold to pay customers beginning today

    He said this in an interview with the Ghana News Agency at the entrance of the Criminal Investigation Department (CID) Headquarters in Accra, where aggrieved customers had gathered to show solidarity to one of their members Nana Kissi, who had been invited by the CID for questioning following an interview he granted on a radio station.

    He pleaded with the Ghana Police Service to understand their plight as they had lost their investments and were going through much suffering.

    About 200 Menzgold customers have received locked up cash Management

    He said the payment plan presented by the CEO was discriminatory and had many inaccuracies, adding that their concerns to NAM1 had been ignored.

    “We will all match to wherever we can find him; just as the star led the three wisemen, we shall also be led to find him and take our monies,” he said.

    Source: ghananewsagency.org

  • Menzgold to pay clients in 36 months beginning next week

    Embattled gold dealership firm, Menzgold, will from next week 27 December 2019, begin paying clients their investments that have been locked up for some time now.

    “Payments start on Friday, 27th December 2019 with funds at hand now, as we proceed to go recover the debt owed Menzgold overseas, especially in Dubai and Europe to come to reinforce as payments sessions continue”, the company said in a statement.

    Read: Menzgold CEO, NAM 1 captured in a room filled with gold bars

    Claims shall, however, be settled in full and shall be subject to an invitation from its legal team, adding “unlimited, strictly following the below indicated scheduled hierarchical order, all to be settled within 36 months starting from December 2019.”

    The statement noted that payments will be based on a formula and scheduled, saying, “Payments shall be made strictly following a ‘reverse mechanism’, which implies from the last day (month) of our business operations to the very first day when our business commenced. Thus; from 12th September 2018 to 18th March, 2013.”

    To this end, Menzgold shall start to settle all investors’ transactions in September 2018 and those who did not access any extra values.

    Read: We cannot pay your customers Menzgold lawyers reject instruction

    Menzgold said it is committed to settle all claims in not more than 36 months, as it follows strictly the “reverse payment mechanism”, in its firm resolve to amicably and peaceful reverse all transactions or contracts, to achieve cordial co-existence and harmony.

    Menzgold, however, expressed worry that its assets remain frozen, implying that “we cannot access any of our offices nationwide, credit or debit any bank account in Ghana. In view of these constraints, our lawyers shall agree with claimants upon invitation, as to where and how to legally receive payment.”

    Menzgold called on its customers to cooperate with them to ensure the preservation of the integrity of tyhe exercise and its smooth sustenance, in order to avoid interruption and its abortion.

     

    Source: classfmonline.com

  • We can’t help you pay your clients Kwame Akuffo & Co Unlimited to NAM1

    Kwame Akuffo & Co Unlimited, the law firm representing Menzgold, has distanced themselves from the payment plan announced by the embaattled gold firm on Wednesday, 18 December 2019.

    Menzgold in a statement said payment will be done through their lawyer since they do have access to their office.

    Read: Menzgold CEO, NAM 1 captured in a room filled with gold bars

    “Claims shall be settled in full and shall be subject to an invitation from our legal team; Kwame Akuffo & Co. Unlimited, strictly following the below indicated scheduled hierarchical order, all to be settled within 36 months starting from December 2019,” the company said.

    “we cannot access any of our offices nationwide, credit or debit any bank account in Ghana. In view of these constraints, our lawyers shall agree with claimants upon invitation, as to where and how to legally receive payment,” the company added.

    Read: We cannot pay your customers Menzgold lawyers reject instruction

    But in a counter-statement, the Kwame Akuffo & Co. Unlimted said it does not have the “capacity” to carry out the exercise.

    The law firm said it has advised Menzgold to engage the services of a third party to undertake the exercise.

    Source: classfmonline.com

  • Menzgold to announce payment schedule Dec. 18

    Menzgold has said it will announce a payment schedule and formula for its customers on December 18.

    It comes after the company asked customers whose funds have been locked up to visits centres across the country to validate their documents.

    The latest notification is silent on when payment, which is critical to customers, will begin.

    Read: Court orders Menzgold to refund GH¢2.6m owed to 58 soldiers

    In a terse notice on Facebook, PRO for Menzgold wrote: “Management will make an official public pronouncement on the 18th December 2019 regarding PAYMENT SCHEDULES and FORMULA”.

    Background:

    About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

    Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

    According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

    The collapse of the gold trading firm had been blamed on the directive.

    Addressing a press conference on Wednesday, the PRO of the Coalition of aggrieved Menzgold Customers, Fred Forson stated that they will do everything possible to retrieve their locked up cash from Menzgold.

    Read: One-month validation will delay payment Menzgold customer

    “We want to hear from NAM1, we have supported him all this while and it is time we hear from him…we want to demand from the CID that we want to meet Nana Appiah Mensah in person. Wherever he is, he needs to address us as leaders of Menzgold customers.

    “If it is not a deliberate attempt on the part of the government to shield and protect Nana Appiah Mensah to loot and create and share our investments, then this is the time that the government should be transparent…and let us know what is happening with our investments.”

     

    Source: starrfm.com.gh

  • State reportedly gets more evidence to prosecute NAM 1

    A State Prosecutor, Assistant Superintendent of Police (ASP) Sylvester Asare, yesterday pleaded with an Accra Circuit Court, presided over by Mrs Jane Harriet Akweley Quaye, for an extension of time to amend the charges against the embattled Chief Executive of the defunct Menzgold, Nana Appiah Mensah aka NAM1.

    According to the Prosecutor, they need more time because they have made new discoveries that would help in the prosecution of the owner of the supposed gold dealership and investment firm. The Magistrate granted his request and adjourned the case to November 23, 2019.

    NAM 1 has promised to pay us before Christmas Menzgold customers

    NAM1is standing trial with his wife, Benedicta Appiah, and sister, Rose Tetteh, for defrauding customers to the tune of about GH¢1.68 billion.

    Two companies of NAM1 Brew Marketing Consult and Menzgold Ghana Limited had each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).

    The two companies have also been charged with carrying out a deposit-taking business without licence, contrary to Section 6 (1) of Act 930.

    Nevertheless, Benedicta Appiah and Rose Tetteh are facing charges of abetment to defraud by false pretence, and two counts of abetment to carry out banking business without licence, contrary to Section 6 (1) of Act 930.

    In a related development, the Kaneshie District Court nearly committed a level 300 student (name withheld) at the Accra Technical University to one month in imprisonment with hard labour for stealing a mobile worth GH¢200.

    The student pleaded guilty to the charge of stealing and pleaded with the court that he will not repeat it.

    In the fact sheet read to the court yesterday, the student stole the mobile phone at Korle Gonno, and when he was caught, denied any knowledge. After a thorough, search the phone was found in the third pair of shorts he was wearing.

    In his explanation to the court, the student told the Magistrate, Her Lady Eleanor Botwe, that he found the phone on a table at a shop where he went to run photocopies and thought it had no owner, and that was the reason he took it.

    NAM 1 announces victory in $39m Dubai case

    According to him, he was wearing only two shorts, so the phone was rather in the second short, but when the Magistrate quizzed him on why he took the phone and did not bother to ask for the owner, he could not give any satisfactory answer.

    A lawyer in the court pleaded with the Magistrate to temper justice with mercy and give him lesser punishment in order not jeopardise his education.

    The court subsequently asked the student to pay 80 penalty units, which amounts to GH¢1,500, but he pleaded that he could not afford to pay, which it later reduced it to 50 penalty units or GH¢600.

    Source: thechronicle.com.gh

  • Court orders Menzgold to refund GH¢2.6m owed to 58 soldiers

    The Accra High Court has ordered Menzgold Ghana Limited, a gold dealership firm to refund GH¢2,664,000 owed to some 58 soldiers.

    The court, presided over by Justice Angelina Mensah-Homiah J. in a November 4, 2019 ruling, however, refused to enforce the contractual interest at the rate contained in the respective agreements between Menzgold and the respective plaintiffs because it had been found to be a Ponzi Scheme in a previous suit.

    One-month validation will delay payment Menzgold customer

    The plaintiffs will instead be paid interest at the prevailing commercial bank rate from the date of judgement till date of final payment.

    The plaintiffs which include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018, had prayed the High Court to order a refund of their money.

    The sums which are their principal investments with Menzgold ranged between GH¢18,000 and GH¢244,000.

    Menzgold releases payment timetable

    One of the plaintiffs told Graphic Online that Menzgold had been served with the judgement and he was awaiting a refund of his investment.

    Source: Graphic.com.gh

  • Court orders Menzgold to refund GH¢2.6m owed to 58 soldiers

    The Accra High Court has ordered Menzgold Ghana Limited, a gold dealership firm to refund GH¢2,664,000 owed to some 58 soldiers.

    The court, presided over by Justice Angelina Mensah-Homiah J. in a November 4, 2019 ruling, however, refused to enforce the contractual interest at the rate contained in the respective agreements between Menzgold and the respective plaintiffs because it had been found to be a Ponzi Scheme in a previous suit.

    Read: Menzgold readies to pay customers

    The plaintiffs will instead be paid interest at the prevailing commercial bank rate from the date of judgement till date of final payment.

    The plaintiffs which include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018, had prayed the High Court to order a refund of their money.

    Read: NAM 1 has promised to pay us before Christmas Menzgold customers

    The sums which are their principal investments with Menzgold ranged between GH¢18,000 and GH¢244,000.

    One of the plaintiffs told Graphic Online that Menzgold had been served with the judgement and he was awaiting a refund of his investment.

    Source: Graphic.com.gh

     

  • Menzgold customers line up for validation

    Some customers of Menzgold Ghana Limited are already at designated centres to validate their documents for settlement of their locked-up funds.

    The gold-dealership company announced last Wednesday that it will begin validation of customers from Monday, October 28 to Thursday, November 28 in order to achieve a “desired outcome” of settling them all.

    Read: Menzgold releases payment timetable

    The exercise has been scheduled to take place in four regions Greater Accra, Central, Western and Ashanti regions.

    At Adum, one of the two centres for the exercise, anxious customers were at the designated centre before 9:00am, when it is scheduled to start across all the four regions.

    Read: NAM 1 has promised to pay us before Christmas Menzgold customers

    The customers had lined up with their documents in mostly brown envelopes to validate them for expected payments.

    The validation will see a presentation of photocopies of gold-trading agreements, receipts as well as any valid national ID card by each customer.

     

    Source: 3news.com

  • Menzgold readies to pay customers

    Menzgold Company Limited is finally prepared to honor its financial obligations to its aggrieved customers.

    The company has come under severe scrutiny after its customers hit the streets on several occasions to protest and demand the release of their investments with the company.

    Menzgold customers push for meeting to discuss new payment plan

    Subsequently, there were demands that assets of the gold dealership firm CEO, Nana Appiah Mensah be frozen. Following this, the Economic and Organised Crime Office (EOCO) announced that bank accounts of NAM1 had been frozen and there were plans to acquire a court order to all the seizure of all other assets.

    NAM 1 has however since July 12, been going to court, having been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

    A statement signed by Head of Communications at Menzgold, Nii Amarh Amarteifio and issued on 23rd October, 2019 said the company will begin a document validation process on the 28th of October to 28th of November as part of efforts to settle all verified claims of customers.

    NAM1 gives 3 preconditions that will enable him pay Menzgold customers

    “As part of our efforts to finally discharge our financial obligations to our cherished customers, we have tabled down the following schedule to commence the process of validation in order to settle all verified claims of our customers

    Validation of documentation starts from 28th October to 28th November, 2019 from 9am to 4pm each working day.”

    Read the full statement below:

    Source: www.ghanaweb.com

  • Menzgold begins document validation for payments

    Menzgold has announced outlets in the various for their customers to go and verify their documents in order for payments to be effected to them.
    A statement by the gold collectible firm said the document validation period will begin on October 28, 2019 and end on November 28.

    Menzgold resumes payment of returns to customers today

    The outlets where the exercise will take place Mile 7 in Accra, Osu, Kosoa, Bogoso among others.

    Below are details of a statement from Menzgold

    Menzgold schedule for payment: Commencement of Validation As a part of our efforts to finally discharge our financial obligations to our cherished customers, we have tabled down the following schedule to commence the process of validation in order to settle all verified claims of our customers.

    All customers are to take note of the following:

    1. Validation of documentations starts from 28th October to 28th November, 2019. Time: 9am-4pm each working day.

    NAM 1 has promised to pay us before Christmas Menzgold customers

    2. Designation outlets for this exercise are as follows: GREATER ACCRA REGION Venue Location a) Osu Opposite Osu Police Station, behind Glory Oil Filling Station. b) Dansoman After Dansoman Roundabout, Bechem Bus stop. c) Odokor Opposite Anointed Electricals Company. d) Mile 7 Adjacent ECOBANK. e) Madina Madina-Tamale Lorry Station. f) Awoshie Opposite Victory Bible Church. CENTRAL REGION a) Kasoa Opposite Walantu Junction, after Justap Clinic. ASHANTI REGION a) Adum Adjacent Melcom. b) Bremang Behind Bremang Park, adjacent Church of Christ. WESTERN REGION a) Bogoso Adjacent Multi Credit.

    Source: starrfm.com.gh