Home / GENERAL NEWS / Gov’t won’t pay customers of ‘419 Menzgold’ – Bawumia

Gov’t won’t pay customers of ‘419 Menzgold’ – Bawumia

Vice President Dr Mahamudu Bawumia says government will not use taxpayers money to settle aggrieved customers of Menzgold.

According to him, customers of Menzgold do not deserve compensation because they failed to heed calls by regulatory agencies to stop doing business with the gold firm.

“Menzgold is not a licensed financial institution. We are talking about licensed financial institutions but if you set up your 419 institution and the Bank of Ghana warned repeatedly that people should not do business with Menzgold because they were not a licensed financial institution, so, you can’t use taxpayers’ money to pay locked-up funds of an institution that is not a licensed financial institution,” Dr Bawumia told Techiman-based Link89.1 FM in the Bono East Region during his recent tour there.

Mahama accuses Akufo-Addo of shielding Menzgold CEO

Flagbearer of the National Democratic Congress (NDC) John Mahama says he will pursue the Chief Executive Officer for Menzgold Nana Appiah Mensah popularly known as NAM 1, to retrieve held up investment of customers if he wins the December polls.

Speaking at Tarkwa-Nsuaem in the Western Region, Mr Mahama wondered why the Akufo-Addo government does not appear to be interested in confiscating the properties of NAM1 but rather venting their anger on customers.

“What is so special about NAM 1 that Akufo-Addo is shielding him? Why do you unleash the police on innocent customers while NAM 1 walks free,” he fumed.

He assured that his next government will thoroughly investigate NAM1 and his directors and use all legitimate means to retrieve the funds.

 NAM 1 TRIAL

The Circuit Court in Accra presided over by Her Honour Ellen Asamoah on September 7 adjourned the case in which Chief Executive officer (CEO) of Menzgold Nana Appiah Mensah (NAM1) has been adjourned to October 1, 2020.

The State had previously on June 24, 2020, filed new charges against NAM 1 at the Accra Circuit Court.

Assistant Superintendent of Police (ASP) Sylvester Asare then told the Court that his directives were that he should hold on to the new charges and the plea taking of the accused.

On July 20, ASP Asare told the court that, they were seriously working to advise the court on the matter.

To this end, he prayed the court for a long adjournment after which they would have been able to advise the court on their intention of prosecution on the matter.

He said when the advice is ready, they will issue hearing notice to the accused persons to appear before the court to to do the needful.

But in court on Monday, prosecutor prayed for an adjournment and it was granted.

The accused person NAM 1 was present in court.

Bail

The Circuit Court on July 26, 2019 granted NAM 1 bail in the sum of GH¢ 1 billion cedis with five sureties, three to be justified.

He had pleaded not guilty to all initial 13 charges levelled against him by the State. The state had since amended its charged sheet which is yet to be moved.

He is also to report to the police every Wednesday at 10:00 hours.

He was initially charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without licence, sale of minerals without licence, unlawful deposit-taking, and money laundering.

It is alleged that the accused had taken various sums of money, totalling GH¢1.6 billion from customers.

 

Source: Ghana/Starrfm.com.gh

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