NPP 'shielding and hiding' Menzgold CEO in the country – Allotey Jacobs

Former Central Regional Chairman of the opposition National Democratic Congress (NDC), Bernard Allotey Jacobs has alleged that the ruling New Patriotic Party (NPP) is shielding the CEO of Menzgold, a gold collectible firm, Nana Appiah Mensah.

“The NPP is running away from their shadows,” he stated.

According to him the NPP are now trying to disassociate themselves from businesses they have held with the ‘runaway’ CEO of Menzgold popularly known as NAM 1.

“NPP are hiding the guy, he’s around and hiding in Ghana and spewing statements . . . He’s walking within the corridors of power, they are all in his pocket . . . he’s going scot free and people are crying, people are dying . . . it has never happened in this country . . .” he told sit-in host Nana Yaw Kesseh on Peace FM’s ‘kokrokoo’ programme on Wednesday.

“If they tell me that he jumped bail that’s a big lie. Where was he arrested? Which police station arrested him and who bailed him out?” he asked.

He alleged that NAM 1 has said himself that he invested Ghc20m into NPP’s 2016 election campaign, but failed to prove it when asked where he said it.

He added that the government must comfort the affected investors as their ignorance shouldn’t be used against them.

"The government should speak to it," he said.

The Chief Executive Officer of troubled gold firm Menzgold, Nana Appiah Mensah has reportedly breached his bail conditions and absconded, Gabby Otchere Darko has claimed.

It is unclear when state agencies held the CEO of the firm over the locked up investment but Mr. Otchere Darko in a Facebook post called for the rearrest of Mr. Appiah Mensah.

“I understand the owner of Menzgold, Nana Appiah Mensah, has breached his bail condition and absconded. We can’t allow those who allegedly dupe people with such impunity to get away with it that easily. Let’s smoke them out, wherever they are, and throw the book at them! While I will not want a pesewa of my tax money to be involved with this ponzi matter, I believe majority of Ghanaians will agree with me that the law must come down heavily on those who use such schemes to destroy the lives of many people,” he posted.

The customers of Menzgold since July last year, have been demanding the payment of their principal investments after the gold dealership company was instructed by the Securities and Exchange Commission to halt their gold trading operations.



SEC orders Menzgold to shut down

Earlier, the Securities and Exchange Commission ordered gold trading firm, Menzgold Ghana Limited, to suspend their operations with the public with immediate effect.

In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.

The statement explained that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of Menzgold’s business which involves purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by SEC which contravenes the law.

The statement added that subsequent requests have been made by SEC to Menzgold’s lawyers to furnish SEC with specific detailed information on the operations of the firm.

Finance minister rules out bail-out for Menzgold customers

Finance Minister Ken Ofori Atta also stressed that government has no intention of bailing out customers of beleaguered investment company, Menzgold.

“It is not in the place of government to refund or get your money for you,” he said.

The comment was the strongest indication yet shown by the government following growing calls by some customers for compensation from the government if Menzgold fails to refund investments.