Supreme Court denies issuing warrants for arrest of NAM1

A bench warrant has been issued for the arrest of embattled founder of Menzgold Ghana Limited, Nana Appiah Mensah.
Chief Executive Officer Menzgold Ghana Company Limited, Nana Appiah Mensah

He has been accused of the offense of defrauding by false pretense contrary to section 131 of Act 29 (60).

Two individuals, Benedicta Appiah and Rose Tetteh, are also to be arrested by the police.

Appiah Mensah was reportedly arrested earlier, but absconded while on bail.

This was a claim by private legal practitioner, Gabby Asare Otchere Darko, who’s a known figure in the governing New Patriotic Party.

This comes on the back of demonstration in Kumasi on Tuesday staged by some Menzgold customers.

Menzgold’s challenges

In 2018, Over two hundred customers of Menzgold besieged the premises of the company’s head office at Dzorwulu to demand payment of their locked up investments.

On December 19, some 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region also filed a writ at the Accra High Court against the company.

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

You can’t blame us – Deputy BoG governor tells Menzgold customers

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The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments