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Wednesday, October 20, 2021
General News

We’ll detain NAM 1 if need be – CID


The CID says it will detain the CEO of Menzgold Ghana Limited, Nana Appiah Mensah, if needs be as it continues its investigations into cases reported against him since 2018.

The embattled CEO, popularly known as NAM1 was picked up by the CID Thursday noon at the Kotoka International Airport when he disembarked from an Emirate flight.

He had been in custody in Dubai since last year, recently winning his court case against Dubai-based gold dealership firm, Horizon in the $39 million gold trial.

Addressing journalists Thursday on the development, Head of Public Affairs of the Police CID, DSP Juliana Obeng confirmed that NAM1 is in the custody of the CID following an Interpol alert issued for him.

“Interpol Dubai handed him over to Interpol Ghana today for the continuation of the investigations that started 2018,” she said.

Responding to reports that NAM1 is set to be arraigned before court Friday, DSP Obeng said: “He is going through a process. If he has to be detained, he will be detained and if he is not supposed to be detained too, of course, we will allow him to go.”

About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

Menzgold Ghana Limited folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

President Akufo-Addo described the Menzgold crisis as tragic phenomenon for the country that appeared to have occurred in plain sight, and affected many people, “in spite of warnings from official institutions.”

He charged the relevant authorities to unravel the intricacies of “what happened in the Menzgold saga, I admonish all Ghanaians to learn the necessary lessons for the future, even as State institutions work to bring a resolution to the matter, and those who are seen to have indulged in criminal activities, are brought to justice.”

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