MenzGold: Police declares directors wanted

A warrant has been issued on Wednesday, 9 December 2019 for the arrest of the directors of MenzGold, namely Nana Appiah Mensah (NAM1), the CEO of the firm, Rose Tetteh, Benedicta Appiah, and some others.

The court warrant explained that the accused persons are to help with investigations relating to “defrauding by false pretence contrary to section 131 of 29/60”.

Menzgold has been struggling to pay its customers after it was asked to stop operations of its gold vault market by the Securities and Exchange Commission (SEC) over regulatory infractions. In a related development, Nii Armah Amarteifio, the acting Director of Communication of Menzgold Ghana Limited, has said the life of the CEO is under threat, thus, he couldn’t confirm the exact whereabout of NAM1, although he was aware the latter had been out of the country beginning September 2018.

The company has been in crisis since August last year, has also not been able to pay its almost 2 million clients’ extra values or principal investments totalling $200 million dollars following a directive to the company by the Securities and Exchange Commission (SEC).

There have been claims by some of the company’s aggrieved customers as well as certain people who claim to be close to NAM1 that he is hiding in South Africa or Nigeria.

More soon.

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