Omanhene Kwabena Asante, who is the host of Badwam on Adom TV, has slammed embattled Chief Executive Officer of Menzgold, Nana Appiah Mensah aka NAM1 for calling on the government to assist him in retrieving his cash in Dubai.
NAM1 who is facing charges of defrauding has about GH¢200 million of depositors cash believed to be held up at his gold dealership firm.
NAM1 in a press conference yesterday called on the government to assist him in retrieving his $39 million which a Dubia court-ordered Horizon Diamonds to pay him.
NAM1 has given three preconditions that must be fulfilled by the government before he will be able to pay his customers.
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.
Omanehene branded NAM1 as a funny man who knew his business was not regulated but is now calling on the government for help.
“We are living in a country that is regulated, not the likes of NAM1 will be directing what we are supposed to do….the deception in this country is too much,†he said whilst speaking on Ekosii Sen on Asempa FM.
“You are creating unnecessary tension among the people for what….you think there are no laws in Ghana, then we will all open some of NAM1’s business….now you have the guts to request for legislation for the work you do, what do you mean?" he stressed.
To Omanhene, if NAM1’s gold collectibles business was a grey area, it would have been prudent for him to wait for regulation before accepting deposits from customers.
Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operations.
Several efforts by the customers targeted at the company to get their monies have failed.
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 it was one of such plans that led him to UAE where he was arrested.
After several months, a 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 fraud and has been granted bail worth GH¢1billion.
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