• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Monday, February 6, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Probe rise of Menzgold to prevent such schemes in future – Lawyer to gov’t

Jonas NyaborbyJonas Nyabor
July 14, 2019
Reading Time: 3 mins read
ShareShareShareShare

The government must constitute a committee to thoroughly look into how Menzgold succeeded in operating such a business model in Ghana.

The report of the committee will help to guide the country against entertaining such an operation in the future.

This is the view of a lawyer for some aggrieved customers of Menzgold, Amanda Clinton.

Speaking on The Big Issue on Saturday, Amanda Clinton said such a committee will help give the country a better understanding of the operations of the embattled gold dealership firm, how it was allowed to operate for years although its CEO, Nana Appiah Mensah who has a history of fraud, among other pertinent issues that have arisen following the virtual collapse of the company.

While commending the government for its efforts in ensuring that the company’s CEO, popularly known as NAM1 returns to Ghana to face criminal charges, the lawyer said she presently isn’t taking action against the Bank of Ghana (BoG) or the Securities and Exchanges Commission (SEC) although they could have acted much earlier to avoid the current situation.

“Unless my clients want to take Bank of Ghana and SEC to court, but what I implore the government to do is that, they have made huge efforts in terms of Ghana working with INTERPOL to ensure that Mr. Mensah is submitting to jurisdiction and facing charges but quite crucially as government is  showing actually leadership in this, I would ask that it perhaps sets up a public commission to publicly come to the public to find out what exactly it is. What was this? How can we avoid it? Why was such an entity opened for five years? Why will someone with a fraud history be allowed to carry on with the same directors? Some will say we don’t need a commission but in future, it will mean this will not happen again.”

Some aggrieved customers of Menzgold have taken legal action against the company and its CEO to retrieve their locked up investments with Menzgold.

The company has for nearly a year been unable to meet its contractual agreement with its many customers whom it promised dividends when they purchase gold collectables from Menzgold’s sister company Brew Marketing Consult and invested it with Menzgold.

Following months of detention in Dubai in a case of fraud brought against him by a Dubai-based company, Menzgold’s boss, Nana Appiah Mensah returned to Ghana on Thursday and was immediately taken to the Criminal Investigations Department of the Ghana Police Service for interrogation as an INTERPOL Red Alert had been issued on him while he was in the Emirati country.

He was subsequently put before court on Friday and remanded to Police custody for two weeks.

NAM1 is on trial for two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

NAM1 has been accused of defrauding his customers of about GHc1.68 billion.

According to the charge sheet sighted by citinewsroom.com, the money was from 16,001 people who invested a total of GHc1,680,920,000 in the company.

Share312TweetSendSend
Previous Post

Guinness Ghana Breweries PLC Launches “YɛnNyimMbom” Loyalty Program

Next Post

Akufo-Addo promotes two deputy Police Commissioners

Related Posts

Top Stories

Ashanti Region: Woman, 48, stabbed to death at Sepe

February 6, 2023
Top Stories

Galamsey fraud: Bissue’s case against OSP, Anas adjourned to March 13

February 6, 2023
Top Stories

Bondholders slam ‘arrogant’ Ofori-Atta for reneging on DDE promise

February 6, 2023
Top Stories

Regulation of fuel prices under gold-for-oil only short-term – NPA

February 6, 2023
Top Stories

Police arrest two more wanted persons over NDC congress disturbances

February 6, 2023
Top Stories

NDC executives to meet Minority caucus today over leadership changes

February 6, 2023
Next Post
File photo

Akufo-Addo promotes two deputy Police Commissioners

TOP STORIES

Ashanti Region: Woman, 48, stabbed to death at Sepe

February 6, 2023

Christian Atsu reportedly trapped under rubble in Turkey earthquake

February 6, 2023

Galamsey fraud: Bissue’s case against OSP, Anas adjourned to March 13

February 6, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT