According to reports, customers of the now-defunct gold dealership Menzgold Limited will begin recovering their locked-up cash on Friday, October 20, 2023.
Every client’s case would receive the utmost care, the company said in a news release that was published by Daily Guide on Friday, October 20. The payment process would take place at the Police Head Office at 9 a.m.
This comes after the Attorney General’s Office filed 39 new accusations against Nana Appiah Mensah, also known as NAM1, the company’s troubled CEO, along with two other individuals.
NAM1 and his companies Menzgold Company Limited and Brew Marketing Consult Limited were charged with a total of 39 charges in the most recent charge sheet submitted at the preferred court.
The 39 counts included charges for selling gold in violation of section 99 (1) of the Minerals and Mining Act of 2006 (Act 703), operating a deposit-taking business without a license in violation of sections (1) and 22 (1) of the Banking and Specialized Deposit-Taking Institutions Act of 2016 (Act 930), and inducing investors to make investments in violation of section 344 of the Companies Act of 2019 (Act 992), among others.
The latest charge sheet filed on Wednesday, August 30, 2023, with case numbered CR/0411/2023, was signed by the Director of Public Prosecution (DPP), Yvonne Atakora Obuobisa.
The other charges include seven counts of fraudulent trust breach in violation of section 128 of the Criminal Offenses Act of 1960 (Act 29), 22 counts of defrauding by false pretense in violation of section 131 (1) of that act, and seven counts of money laundering in violation of section 1(2)(a)(i) of the Anti-Money Laundering Act of 2020 (Act 1044).
Menzgold recently revealed that it has paid 5000 of its clients, according to NAM1. Initial client requests for all required papers were made by the business to speed up the payment validation process. However, the corporation explained in a later message that a sizable portion of submitted claims had discrepancies, making 60% of the claims ineligible for settlement.
A further suggestion made by the now-defunct business was for clients who had monies committed to enroll for a cost of 650 cedis in order to determine their eligibility for reimbursements.
NAM1 was given GH 500 million in bail after entering a not guilty plea to the allegations.
