Embattled gold dealership firm Menzgold say their partners are prepared to help them settle the debts of their numerous customers if only the government revokes the Interpol Red Notice Order or agree to a bail bond for the immediate release of their Chief Executive Officer Nana Appiah Mensah popularly known as NAM1.
The firm said in a release that the unjustifiable Interpol arrest and continued detention of its Chief Executive Officer due to the red alert were impeding efforts to retrieve Menzgold’s locked up funds.
MenzGold also stated that the release of Nana Appiah Mensah via bail bond or the revocation of the Interpol alert will enable the CEO to “continue to pursue the 750kg of gold, now worth $39 million from Horizon Royal Diamonds...”
Read the full release issued on June 3, 2019, by Nii Amarh Amarteifio, Head of Communications for Menzgold.
RECOVERY OF FUNDS FROM DUBAI, INTERPOL ARREST AND THE CONTINUED DETENTION OF OUR CHIEF EXECUTIVE OFFICER
All customers and the general public should be advised that our Emirati, English, American and Ghanaian Lawyers have forwarded a comprehensive communication to the Government of Ghana regarding the recovery of company funds from a Dubai Gold Company called Horizon Royal Diamonds.
The facts of the appeal and more importantly, the unjustifiable Interpol arrest and continued detention of the Chief Executive Officer of our company via the Interpol Red Alert Order by the Ghanaian Government.
Among other pertinent factual issues raised with supporting documents, we urged the government to respectfully revoke the Interpol Red Notice Order or agree to a bail bond for the immediate release of our Chief Executive Officer of Menzgold to:
1. Continue to pursue the 750kg of gold, now worth $39milion from Horizon Royal Diamonds legally without this justice obstruction and funds from other debtors worldwide.
2. For the CEO to freely communicate and meet with our global business associates and partners, who have expressed preparedness following our favorable judgment in the Dubai Court on the 9th April, 2019, to assist financially and for us to adequately settle our cherished customers/company debt liabilities as soon as possible, as we seek to resolve and give immediate closure to these disturbing matters of the past few months and in order to go ahead with our business as Ghana’s Gold Hub.
3. We are hoping that government will make a decision regarding these disturbing issues soon, to make way for immediate amicable resolution in its best interest and that of our cherished customers, staff body, the company and the general public at large, as we seek to continue to contribute our bits to National development.
Nii Amarh Amarteifio
Head of Communications, Menzgold Ghana Ltd.
How did we get here?
The Securities and Exchange Commission (SEC), on September 12, 2018, directed Menzgold to shut down its investment operations with immediate effect for contravening the Securities Industry Act, 2016 (Act 929).
The SEC order also warned Menzgold to halt advertising its investment business and desist from creating new contracts with depositors.
According to a letter addressed to the Menzgold CEO, investigations conducted by the regulator found that Menzgold's business, which involved the purchase/deposit of gold from the public and contracts issued with guaranteed returns with clients, was a capital market activity which could not be conducted without a valid licence issued by the SEC.
The letter, dated September 7, 2018 and signed by Paul Ababio, the Deputy Director-General of the SEC, warned that the failure of Menzgold to comply with the directive would lead to the regulator employing other relevant measures under the law to enforce compliance.
NAM1's arrest in Dubai
A Dubai-based businessman reported Mr Mensah for fraud in May 2018. Unaware that he was on the Dubai police’s wanted list, Mr Mensah went to the Emirates with the hope of receiving a huge amount of money due him as a result of his earlier transactions with the Emirati, only to be arrested when he presented his passport to undergo immigration formalities.
NAM1 wins case in Dubai
The CEO of Menzgold Nana Appiah Mensah popularly known as NAM 1 won his court case in Dubai in April.
The court which pronounced judgment and also ordered the company, with which he had issues, to pay him all outstanding debts.
NAM 1 had been in Dubai cell since November 2018 over a gold deal gone bad.