A security analyst and former army chief, Captain Budu Koomson, has said the handling of the whereabouts of Menzgold CEO, Nana Appiah Mensah has proven to be an embarrassment to security agencies.

“There was a complete breakdown of security where this thing is involved,” Capt. Koomson said on The Big Issue.

He added that the developments in the Menzgold saga suggested that there may have been an intelligence failure from financial institutions.

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“If there is financial intelligence, there is BNI, there is CID, there are all these things and the looming threat was not seen? Then where is intelligence? Intelligence is gathering information.”

Capt. Budu Koomson also wondered what the Ghana embassy in the UAE was doing for a government delegation to leave Ghana to engage UAE authorities over possible extradition.

“The embassy staff are not doing what they are supposed to do. That is why all the time we have to travel from here into those countries to do what they are supposed to do.”

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“At the moment, we have egg all over our faces. Look at the timelines; when we said we issued a warrant for him, meanwhile he had been arrested before.”

The warrant was issued for NAM 1 on January 9 over his company’s inability to pay investors their monies, but later reports from Dubai indicated that he had been arrested as far back as December 7.

Nam 1 has been accused by the state of defrauding by false pretense as concerns mount that he may have overseen a Ponzi scheme in Ghana.

There also some fraud claims in Dubai as a minerals dealer reported that his company, Horizon Royal Diamonds DMCC, had attempted to close a deal with NAM 1 involving 750 kilos of gold with the value of about US$51 million.

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The Ghana Police Service and the Economic and Organised Crime Office (EOCO) have said NAM 1 will only be brought to Ghana after the case against him in the UAE is determined.

“It is the understanding of the Ghanaian delegation that Mr. Mensah faces misdemeanor charges in the UAE and will be made available to Ghana upon the final determination of his current matter in the UAE. His case is next due for court on February 2, 2019.”