According to a report by Daily Guide on Friday, October 20, 2023, clients of the now-defunct gold dealership firm, Menzgold Limited, would begin to receive their locked-up funds from today. The payment process is scheduled to take place at the Police Head Office at 9 a.m., with each customer’s case receiving utmost attention.
This development follows the Attorney General’s Office filing 39 fresh charges against Nana Appiah Mensah, the embattled CEO of the company, commonly known as NAM1, along with two others. The charges include various offenses such as operating a deposit-taking business without a license, inducement to invest, defrauding by false pretense, fraudulent breach of trust, and money laundering, among others.
In recent updates, NAM1 revealed that Menzgold had already settled 5,000 customers, with the company initially requiring specific documentation from clients to facilitate the validation process. However, a significant portion of the submitted claims were found to contain inconsistencies, rendering 60 percent of the claims ineligible for payment.
Furthermore, the company proposed a fee of 650 cedis for customers with locked-up funds to verify their eligibility for reimbursements. Despite the charges, NAM1 pleaded not guilty and was granted bail in the sum of GH¢500 million.
