NAM1's Bail Could Be Revoked: Amanda Clinton Breaks Down Challenges With Menzgold Founder's Verification Move

• Private legal practitioner Amanda Akuokor Clinton has said Nana Appiah Mensah may have breached his bail conditions with the latest claims verification statements
• The Head of Chambers of Clinton Consultancy is convinced if NAM1's bail is revoked the GH¢1 billion bail condition can be retrieved to pay some of the customers
• Clinton Consultancy represents the interests of some of the clients of the defunct Menzgold Company Ltd

Private legal practitioner Amanda Akuokor Clinton has said the recently advertised claims verification process for the defunct Menzgold customers may have breached the law.

The Head of Chambers of Clinton Consultancy told YEN.com.gh in an exclusive interview that the bail conditions for Menzgold CEO Nana Appiah Mensah, aka NAM1, implicitly included not doing business with his unregistered company.

"The prosecution may have to look into whether to apply for his bail to be revoked for enticing investors under a further ruse with his GH¢650 offer which he has now said he will refund.

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"Especially since SEC shut down the company and said no further advertising should take place; and his 61 charges include operating without a license and money laundry would mean he was in no position to entice customers, committing a further offenCe whilst on bail," she told YEN.com.gh.

NAM1's claims verification process at a fee sparks controversy

Nana Appiah Mensah stirred controversy when he announced through a press statement that his thousands of customers, whose funds have been locked up since 2018, would need to pay a whopping GH¢650 to get their claims verified and given a payment date.

The statement released on Menzgold's letterhead and dated August 18, 2023, was signed by Nana Appiah Mensah himself.

For many, it was another scheme by the man many have called a con artist to rip off already frustrated clients whose huge investments got locked up with the shutdown of the gold dealership firm.

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“I was the biggest loser": NAM1 claims he lost everything when Menzgold collapsed

In another statement, NAM1 claimed after the initial verification process, only 40% of the payment claims were found to be genuine, with 60% classified as unacceptable due to infractions.

After a public uproar about the fee he was charging his clients for their claims to be verified, he announced on a Twitter Spaces event that lasted over two hours that he was no more going to charge a fee for the claims verification. He also promised to refund the money to those who already paid.

NAM1 must be made to forfeit his GH¢1 billion bail condition

Speaking to YEN.com.gh Ms Clinton, whose firm represents some aggrieved customers, said the state prosecutor, DSP Sylvester Asare, should consider making a strong case in court for NAM1's bail to be revoked and the GH¢1 billion bail condition retrieved to pay customers.

"If he has, for instance, violated any of his conditions for bail, this would mean Mr Mensah would forfeit 1 billion Ghana cedis and 5 sureties - three justified - he gave under bail conditions. The government should then look into and see if the bail is revoked, the bail amount could eventually go to investors with due process being implemented," she told YEN.com.gh.

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"We will get it done: NAM1 refund GH¢650 to aggrieved Menzgold customers who paid for validation

NAM1 claims he was the biggest loser in his company's collapse

Meanwhile, YEN.com.gh has reported in a separate story that Menzgold CEO Nana Appiah Mensah claims he lost all he had when his gold collectable company collapsed.

The embattled businessman said he was the biggest loser in the downfall of Menzgold after it was made to cease operations.

Mensah has been accused of defrauding Menzgold customers and is facing over 60 charges in an ongoing court case.

Source: YEN.com.gh