Menzgold Makes First BATCH Payment Of GHs5 Million To It’s Customers

Customers of the defunct gold dealership company, Menzgold Limited would reportedly start receiving their locked-up funds effective Friday, October 20, 2023.

According to a news report published by Daily Guide on Friday, October 20, the company announced that the payment process would take place at the Police Head Office at 9 a.m., and every client’s case would receive the highest attention.

This comes after the Attorney General’s Office filed thirty-nine fresh charges against the embattled Chief Executive Officer of the company, Nana Appiah Mensah, popularly known as NAM1 alongside two other people.

The latest charge sheet filed at the preferred a total of 39 counts against NAM1, his firms Menzgold Company Limited and Brew Marketing Consult Limited.

The latest charge sheet filed on Wednesday, August 30, 2023, with case numbered CR/0411/2023, was signed by the Director of Public Prosecution (DPP), Yvonne Atakora Obuobisa.

The 39 counts comprised a count each of selling gold contrary to section 99 (1) of the Minerals and Mining Act, 2006 (Act 703, Operating a deposit-taking business without a license contrary to section (1) and 22 (1) of the Banking and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) and Inducement to invest contrary to section 344 of the Companies Act, 2019 (Act 992),

The others include 22 counts of Defrauding by false pretence contrary to section 131 (1) of the Criminal Offences Act, 1960 (Act 29), seven counts of fraudulent breach of trust contrary to section 128 of the Criminal Offences Act, 1960 (Act 29) and seven counts of Money Laundering contrary to section 1(2)(a)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).

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Recently, NAM1 disclosed that Menzgold has paid 5000 of its customers. The company had initially requested all necessary documentation from customers to facilitate the payment validation procedure. However, in a subsequent communication, the company clarified that a significant number of submitted claims contained inconsistencies, rendering 60 percent of the claims ineligible for settlement.

Additionally, the defunct company had proposed that customers who had funds tied up should enrol for a fee of 650 cedis to determine their eligibility for reimbursements.

Meanwhile, NAM1 has pleaded not guilty to the charges and was granted bail in the sum of GH¢500 million.

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