The saga involving the Chief Executive Officer of embattled gold dealership firm, Menzgold Ghana Limited, Nana Appiah Mensah, seems like an unending one.
After first bursting onto the financial scene with a lot of enthusiasm, Nana Appiah Mensah’s Menzgold was shut down by the Securities and Exchange Commission (SEC) a year later on September 18, 2018.
The Commission then ordered the gold dealership firm not to accept new investments from depositors or make any further advertisements.
Prior to this, the Bank of Ghana in a notice served to Menzgold Ghana Limited requested it “to desist from solicitation, receipt of money and the payment of dividends to its clients.” The central bank added that Menzgold Ghana Limited was not licensed to receive monies and pay dividends to clients.
As a result of these infractions, the BoG said Menzgold Ghana Limited was in breach of section 6 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
But after almost five years since the gold dealership went defunct, NAM1, as he’s popularly known as, has been in court facing a number of charges. n a recent development, the Economic and Organised Crime Office (EOCO) has been given express permission to auction and sell properties belonging to Nana Appiah Mensah and Menzgold Ghana Limited.
He made this known when he appeared before the financial and economic division of the High Court on Tuesday after he [Lawyer Abu Issah] moved the application for the auctioning of some properties belonging to NAM1 and Menzgold Limited.
“We have a motion on notice for the discharge of confirmation and further prayer for official auction for the properties of respondents (Menzgold) and NAM1,” Lawyer Abu Issah said in court.
This is a list of some of the properties said to be owned by Nana Appiah Mensah and Menzgold Ghana Limited, which are set to be auctioned by the EOCO.
Zylofon Art Complex
Brew Marketing Consult
Zylofon Music and Media Company Limited
Star Madrid Football Club.
In addition to these, the court has frozen two other properties, which is an uncompleted residential property at Trassaco Valley and another 510 acres of land all said to owned by Nana Appiah Mensah.