UK regulators serve notice to dissolve Menzgold England

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The Registrar of Companies in the United Kingdom (UK) has served notice of a possible dissolution of Menzgold England.

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The Registrar said in the notice that “unless cause is shown to the contrary, at the expiration of two months from the above date [12/02/19], the name of Menzgold England Limited will be struck off the register and the company will be dissolved.”

Upon dissolution, all property and rights vested in, or held in trust for the company will be taken over by the English crown.

Menzgold England is the UK subsidiary of Menzgold Company Limited, owned by Nana Appiah Mensah, known popularly as NAM 1.

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NAM 1, a wanted man in Ghana, was recently acquitted and cleared of fraud charges on Tuesday, April 9 by a Dubai court.

NAM1 had been in the custody of the Dubai authorities since November 2018 over a gold deal that went bad.

Many, especially Menzgold customers whose investments have been locked up in the collapsed gold dealership, hailed NAM 1’s acquittal.

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They are hopeful he will return to Ghana with enough cash to settle them.

Meanwhile, a Deputy Attorney General, Joseph Kpemka, has said extradition processes for the Chief Executive of Menzgold will be triggered by police in a month.

Over GH¢ 200 million locked up

Official records show at least some monies totaling GH¢ 200 million have been locked up in Menzgold.

The Finance Minister, Mr Ken Ofori-Atta revealed this during a durbar with army officers in which the President, Nana Akufo-Addo, was present.

The information, which was in response to a question, revealed for the first time the extent of loss Menzgold customers had been exposed to after an undisclosed number of them bought into their business pitch of paying 7% to 10% returns on special gold collectibles bought and deposited with the company.

The question from an army officer also opened the lid on the level of involvement of security officers in the business that is believed to have attracted a wide spectrum of Ghanaians including religious leaders.

Already, 53 soldiers, in January 2019, sued Menzgold Ghana Limited for failing to pay back GH¢2.5 million in investments.

The company began crumbling in September 2019 after the Securities and Exchange Commission ordered it to shut down its gold dealership operations.

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