NAM1’s defrauding case adjourns

NAM1’s defrauding case adjourns

- An Accra circuit court has adjourned the defrauding case against NAM1 to January 20, 2021

- The CEO of Menzgold, Nana Appiah Mensah, was arraigned before the court for defrauding Ghanaians through his defunct gold dealership firm

- Menzgold was closed down the firm in 2018

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The fraud case against the CEO of Menzgold, Nana Appiah Mensah, has been adjourned.

He was arraigned before an Accra Circuit Court for defrauding Ghanaians through his defunct gold dealership firm.

The Securities and Exchanges Commission (SEC) shut down the gold dealership firm in 2018.

NAM1’s defrauding case adjourns
NAM1’s defrauding case adjourns Image credit: @nana_appiah_m
Source: Twitter

The firm was trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorised by the Commission.

The court presided over by Her Honour Evelyn Asamoah deferred the case to January 20, 2021, Starr FM reported.

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According to the outlet, the prosecutor in the case, ASP Sylvester Asare, requested for more time during Wednesday, December 16, 2020, proceedings to allow for thorough investigations to be conducted.

The defence reportedly did not object to the prosecution’s request.

Over $6 million of principal funds got locked up following the closure of the firm.

Aggrieved customers of the firm pledged to vote for the former President John Dramani Mahama in the just ended general election.

Earlier this year, the firm began repaying the locked-up funds of its customers only to halt the exercise with days.

The suspension of the payment was because the CEO of the defunct company was traumatised following the picketing at his private residence by some of the aggrieved clients on Wednesday, January 8, 2020.

In a separate development, the governing New Patriotic Party (NPP) says no amount of “whining” can change President Nana Akufo-Addo’s victory in the just-ended general election.

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Commenting on the developments since the declaration of the results, the general secretary of the NPP, John Boadu, said the president emphatically won the election. The votes difference between the two candidates is 517, 231 with four percentage points, one of the highest since 1996.

According to Boadu, Ghanaians are at a loss as to how a vote difference of 517,231 can be deemed contentious.

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