Menzgold customers beg to see NAM 1

Aggrieved customers of embattled gold collectibles firm, Menzgold Ghana Limited, want to know the whereabouts of Nana Appiah Mensah, Chief Executive Officer (CEO) of the company.

Reports suggest that Nana Appiah Mensah, who is popularly called NAM1, was arrested in Dubai, United Arab Emirates (UAE), on December 7, 2018, over an alleged $51 million gold scandal involving an Emirati firm called Horizon Royale Diamonds.

A Ghanaian security delegation, which visited Dubai between 16th and 18th January, 2019, to ascertain the nature of allegations against NAM1, returned to Ghana with information that he was facing “misdemeanor” charges in the UAE.

But in a statement issued yesterday in Accra, the angry customers were not convinced about the reported arrest of NAM1 in Dubai.

The Coalition of Aggrieved Customers of Menzgold (CACM) said, “We wish to commend the courts for the issuance of an arrest warrant for Nana Appiah Mensah. However, we are concerned that Interpol’s database is yet to register the details of Nana Appiah Mensah even though his warrant is a red alert.”

They, therefore, asked the Akufo-Addo administration to tell them about the whereabouts of NAM1’s sisters, directors and self-acclaimed board chairman of Menzgold, Fred Frimpong.

The customers have also questioned NAM1’s arrest in Dubai and its effectiveness in retrieving their investments with Menzgold Ghana Limited, which was said to be operating a “Ponzi scheme.”



Freeze Accounts

The customers also urged government’s investigative agencies probing the Menzgold scandal to freeze and publish all bank accounts of Menzgold and NAM1.

Arrest

They also called on the security agencies to arrest and investigate all board of directors and management staff of Menzgold.

“We demand that government comes clear to inform the public on their investigations on how Nana Appiah Mensah jumped self-recognizance bail in Ghana and travelled to the UAE without the knowledge of EOCO and other security agencies in the country.”

They explained that “CACM members want to know whether truly Horizon Royal Diamond owns Menzgold to the tune of $36 million, being gold exported to Horizon Royal Diamond as claimed by Menzgold officials with their letter of evidence addressed to their board chairman Mr. Fred Frimpong.”



“We also demand that the state ascertains the veracity of information available to us that Horizon Royal Diamond has lost over $50 million to any Ghanaian company that is under investigation by EOCO, which could be linked to Nana Appiah’s arrest. Adequately addressing these questions, we believe will bring transparency and clear a lot of doubts.”

Menzgold customers are believed to be about 46,000.
The Securities and Exchange Commission (SEC) in a letter dated September 7, 2018 ordered the company to suspend its gold trading operations with the public.