Businessman Nana Appiah Mensah, also known as NAM1, has reportedly given GH¢5 million to the Ghana Police Service to be given to Menzgold customers. This, according to report is part of the monies he is supposed to pay to the Menzgold customers.
Menzgold is a company that previously operated by accepting gold collectibles from customers who made deposits through a related marketing company, had its operations halted in September 2018 by the Securities and Exchange Commission. This shutdown was initiated due to concerns about the company’s lack of appropriate licensing for deposit-taking and gold dealing, which it claimed to engage in.
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Legal proceedings have been ongoing since 2019, with state prosecutors attempting to bring NAM1 to court following allegations by Menzgold customers that their investments remained inaccessible after the company’s closure. Court documents suggest that the outstanding funds involved exceed GH¢1.68 billion.
NAM1 Gives GH¢5m To Police Bo Be Given To Menzgold Customers
The prosecutors assert that Menzgold Ghana Company Limited, originally registered as Menzbank Ghana Company Limited in 2013, and Brew Marketing Consult Ghana Limited, registered in December 2016, are sister companies owned by NAM1, who serves as the Director and Chief Executive Officer of Menzgold Ghana Company Limited and Brew Marketing Consult Ghana Limited. He is also the majority shareholder in both entities.
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NAM1 is accused of operating Menzgold Ghana Company Limited as a deposit-taking business under the pretense of engaging in gold trading, despite lacking the necessary license.
According to the Attorney-General’s Office, the business model of Menzgold involved Brew Marketing Consult Ghana Limited selling gold, gold collectibles, and gold ore to the public for investment in Menzgold, even though Brew Marketing Consult did not possess the required license for selling gold.
The Minerals Commission granted Menzgold a three-year license to purchase and export gold on August 22, 2016. This license specified that Brew Marketing Consult Ghana Limited was permitted to buy gold exclusively from small-scale miners for export purposes.
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