NAM 1, Menzgold Directors Wanted

An Accra Circuit Court yesterday issued a warrant for the arrest Nana Appiah Mensah, popularly known as NAM1, the Executive Director of Menzgold and two others for defrauding by false pretence.

The Inspector General of Police David Asante-Apeatu obtained the warrant of arrest upon the instructions of President Nana Addo Dankwa Akufo-Addo.

The Director of Criminal Investigations Department (CID)Maame Yaa Tiwaa Addo- Danquah who confirmed the story said the police was collaborating with 194 countries for the arrest and extradition of fugitive Nana Appiah and the two others, Rose Tetteh believed to be his wife and a sister, Benedicta Appiah .

The Ghanaian Times has gathered that the Financial Intelligence Center (FIC) is taking steps to freeze the suspect's accounts as well as track his property in Accra and Kumasi.

Nana Appiah is believed to be hiding in Nigeria, South Africa and the United Kingdom where his family live.

The Bank of Ghana (BoG) and the Securities Exchange Commission (SEC) raised the red flag on the operations of Menzgold and warned that those who dealt with the gold company did so at their own risk.

According to the BoG, Menzgold was engaging in illegal banking activities and cautioned the company to halt such activities but Menzgold ignored the warning.

Several clients of the company have petitioned law courts, Parliament, the President and Asantehene, Otumfuo Osei Tutu II, to intervene for them to retrieve their monies, all to no avail.

Some angry customers of the company in Accra and Kumasi hit the streets last year, to protest over their monies which have been locked up after Menzgold was ordered to stop its operations.

Since then, Menzgold had difficulties in paying its numerous customers the value on their gold deposits, as well as their entire investments.

Similarly some customers of Menzgold in the Ashanti Region took to the streets on Tuesday, to protest their locked up investment with the company.

There are varying figures on the number of customers of the company andits total assets.

The troubled gold trading company has said its entire clientele base is about 60,000 and not 1.8 million as claimed by Ms. Amanda Clinton, the lawyer for one of its aggrieved clients.

Acting Communication Director of Menzgold, Nii Armah Amartefio told journalist yesterday that "It is not true that we have a clientele base of 1.8 million," adding: "I don't know where she got that figure from."

Menzgold had failed to honour their promises, having given different dates for payment of dividends on investments.

Meanwhile, all the offices of the Menzgold had been closed, except the head office in Accra.

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