16 January 2019

Ghana: Bank Accounts of Menzgold Boss Frozen

THE Economic and Organised Crime Organisation (EOCO) has frozen bank accounts of embattled businessman, Nana Appiah Mensah, also known as NAM 1, the Chief Executive Officer of Menzgold, who is being sought for by the Ghana Police Service.

The Executive Director of the organisation, Assistant Commissioner of Police (rtd) K.K Amoah who confirmed the story to the Ghanaian Times did not give further details as he was in a meeting.

It is not clear the number of accounts EOCO has frozen but the Times learned that the organisation would soon go to court for an order to free Nana Appiah Mensah's entire property.

The gold dealership tycoon is currently detained by United Arab Emirate Police for allegedly engaging in a gold business that had gone bad within the Emirati jurisdiction.

A team of Ghanaian security officers had since left Accra for Dubai on January 14 to engage with the Emirati authorities.

On January 9, 2019 an Accra Circuit Court issued a warrant for the arrest of Nana Mensah and two others for defrauding by false pretence.

The Inspector General of Police David Asante-Apeatu obtained the warrant and has triggered International Police (INTERPOL) processes in 194 countries for the arrest of the Menzgold boss.

On January 10, an Accra high court dismissed a suit filed by the company against the Securities Exchange Commission (SEC) and the Bank of Ghana (BoG).

Menzgold filed a case in court in September 2018 after its licence was revoked by the SEC.

The court presided over by Justice Akua Amoah dismissed the case yesterday, following a preliminary legal objection raised by SEC and BoG.

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.

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