NAM1 gives 3 preconditions that will enable him pay Menzgold customers
Nana Appiah Mensah

Chief Executive Officer of embattled gold dealership firm Menzgold, Nana Appiah Mensah aka NAM1 has given three preconditions that must be fulfilled by the government before he will be able to pay his customers.

NAM1 who was addressing the press disclosed that he is willing to pay all his customers the monies he owes but that will depend on three preconditions that must be fulfiled by the government.

He said all companies have liabilities and assets but for him to pay his customers the government must,

Assist Menzgold to retrieve monies owed it by other foreign companies
Unfreeze his companies and his personal bank account to allow it resolve its liabilities immediately

Clearly give directions on which regulator has jurisdiction and supervision over Menzgold’s business model.

About GH¢200 million of depositors cash is believed to be held up at the gold dealership firm.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929)

NAM1 says he has tried all means to get cash and pay the aggrieved customers and one of such plans led him to UAE where he was arrested.

After several months, the court in the UAE ruled that Horizon Diamonds should pay NAM1 some $39 million for gold supplied.

NAM1 after the ruling returned to Ghana where he is facing charges for defrauding and has been granted bail worth GH¢1billion.