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Confusion over Menzgold’s clients’ money  

razak.bawa
Published October 25, 2023
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7 Min Read
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….Police capture GH₵2.5m but NAM1 insists on GH₵5m

There is confusion over the money deposited by Nana Appiah Mensah, the Chief Executive Officer of the defunct gold dealership firm Menzgold to settle monies owed its clients since the company was shut down by the Securities and Exchanges Commission (SEC) of Ghana some six years ago.

While, the Ghana Police Service, says it has received an amount of GH¢2.5 million from Menzgold and deposited same at the Bank of Ghana, company sources, insist it actually gave GH¢5 million to the police to pay its clients.

It described as untrue the service’s announcement in a statement dated October 24, 2023, that it received only GH₵2.5 million from the company, adding it stands by its October 20, 2023 press statement which announced that GH₵5 million, has been handed over to the police to pay the clients.

“It is not true”, the company sources told The Herald.

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The police statement had said that “….on the advice of the Office of the Attorney-General (AG), on Friday, October 20, 2023, received an amount of GH₵2.5 million from the founder of the defunct Menzgold company, 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 police service, said 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.

“We would like to state that the decision on the disbursement of the money would be determined by the court,” the police service added in its statement.

Last Friday, the Gold dealership firm, Menzgold, in a statement said it handed an amount of GH₵‎5 million to the Ghana Police Service to begin payment of its customers.

According to the report, Nana Appiah Mensah personally oversaw the handover of GH₵5 million to the Police.

The amount is set to be distributed to customers who have followed the company’s protocols and validation processes during the settlement period.

The CEO of defunct Menzgold Ghana Limited, was on September 19, granted bail to the tune of GH¢500 million with four sureties, none to be justified after he was dragged to court for allegedly defrauding his clients.

He was also directed to deposit his passport at the court registry as part of the bail conditions.

This, follows his plea of not guilty to 39 counts of fraud and money laundering charges which he is standing trial for together with Menzgold Ghana Limited and Brew Marketing Consult.

There is confusion over the money deposited by Nana Appiah Mensah, the Chief Executive Officer of the defunct gold dealership firm Menzgold to settle monies owed its clients since the company was shut down by the Securities and Exchanges Commission (SEC) of Ghana some six years ago.

While, the Ghana Police Service, says it has received an amount of GH¢2.5 million from Menzgold and deposited same at the Bank of Ghana, company sources, insist it actually gave GH¢5 million to the police to pay its clients.

It described as untrue the service’s announcement in a statement dated October 24, 2023, that it received only GH₵2.5 million from the company, adding it stands by its October 20, 2023 press statement which announced that GH₵5 million, has been handed over to the police to pay the clients.

“It is not true”, the company sources told The Herald.

The police statement had said that “….on the advice of the Office of the Attorney-General (AG), on Friday, October 20, 2023, received an amount of GH₵2.5 million from the founder of the defunct Menzgold company, 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 police service, said 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.

“We would like to state that the decision on the disbursement of the money would be determined by the court,” the police service added in its statement.

Last Friday, the Gold dealership firm, Menzgold, in a statement said it handed an amount of GH₵‎5 million to the Ghana Police Service to begin payment of its customers.

According to the report, Nana Appiah Mensah personally oversaw the handover of GH₵5 million to the Police.

The amount is set to be distributed to customers who have followed the company’s protocols and validation processes during the settlement period.

The CEO of defunct Menzgold Ghana Limited, was on September 19, granted bail to the tune of GH¢500 million with four sureties, none to be justified after he was dragged to court for allegedly defrauding his clients.

He was also directed to deposit his passport at the court registry as part of the bail conditions.

This, follows his plea of not guilty to 39 counts of fraud and money laundering charges which he is standing trial for together with Menzgold Ghana Limited and Brew Marketing Consult.

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razak.bawa October 25, 2023
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