Court to determine disbursement of NAM 1's GH¢2.5 million - Police

The police has said the court will determine how the GH¢2.5 million given to the service by the CEO of the defunct Menzgold, Nana Appiah Mensah, popularly known as NAM1 would be disbursed to customers.

The police noted that the said amount has been deposited in the police

Read full articleexhibit account at the Bank of Ghana for the attention of the court.

In a press statement sighted by GhanaWeb Business, the police 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, popularly known as Nam 1."

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

Menzgold, in a statement announcing the release of the funds to the police said the move was to facilitate the payment of clients who have been verified in the settlement process.

In 2018, Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to SEC, Menzgold had been involved in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns to clients without a valid license from the Commission.

This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.

SA/MA

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