Free NAM1 so we retrieve our locked cash - Aggrieved Customers of Menzgold

By Wendy Amarteifio
nam 1
Menzgold Company Limited CEO,Nana Appiah Mensah

Aggrieved customers of Menzgold Company Limited are demanding for the release of Nana Appiah Mensah popularly known as NAM1 to allow them to retrieve their locked up investments.

According to them, the government should prioritize the interest of customers and that if they go ahead with the prosecution of NAM1 at the end of the day they would not be able to retrieve their locked up investments.

NAM1 was on Friday morning July 12, 2019, remanded into police custody after he appeared before court. He is to reappear in court on July 26, 2019.

The court granted the order after the police requested for two weeks to enable them complete investigations into allegations against NAM1, as he is popularly known.

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

The irate customers also asked for a committee to be set up to retrieve their locked up investments from Menzgold.

They also accused the government of conniving with Chief Executive Officer of the embattled gold dealership firm to “steal and share” their investments.

Addressing a press conference on Wednesday, the PRO of the Coalition of aggrieved Menzgold Customers, Fred Forson stated that they will do everything possible to retrieve their locked up cash from Menzgold.

“We want to hear from NAM1, we have supported him all this while and it is time we hear from him…we want to demand from the CID that we want to meet Nana Appiah Mensah in person. Wherever he is, he needs to address us as leaders of Menzgold customers.

“If it is not a deliberate attempt on the part of the government to shield and protect Nana Appiah Mensah to loot ,create and share our investments, then this is the time that the government should be transparent…and let us know what is happening with our investments.”

A legal consultant of the aggrieved customers, Jacob Osei Yeboah also said about 20 of the Menzgold customers have died as a result of the issue and others have been hospitalized.

Meanwhile, the aggrieved Menzgold customers are currently en route to the Police CID headquarters to petition authorities to demand that their investments are released