CEO of Menzgold, Nana Appiah Mensah
Nana Appiah Mensah, embattled CEO of Menzgold

The embattled Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, is still in custody despite being acquitted and discharged in a fraud case brought against him in the United Arab Emirates, the company’s Communications Manager, Nii Amarh Amarteifio has claimed.

According to Mr Amarteifio, his boss popularly known as NAM 1,
is still in the grip of security operatives of the Gulf country at the behest
of the government of Ghana.

“NAM 1 is doing very…very well and is excited for winning the
case yesterday. However, NAM 1 is still in Dubai Police Interpol custody
because Ghana Police have raised a red flag,” Mr Amarteifio told Francis Abban
on Morning Starr Wednesday.

Meanwhile, the lawyer for customers of the troubled gold trading
firm, asked its management to cut down on what she says is public relations
gimmick and refund monies to her clients.

The customers for months have been demanding payment of their
principal investments after the gold dealership company was instructed by the
Securities and Exchange Commission (SEC) to halt operations.

Several efforts by the customers targeted at the company to get
their monies have failed to yield any positive result.

“Menzgold [Ghana Limited] should stop the public relations
exercise and bring the monies to the customers,” Amanda Clinton said on Morning
Starr Wednesday.

Menzgold Ghana Limited folded up last year after SEC ordered it
to suspend its operation with the public.

According to the Commission, it 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 has been blamed on the

The Commission, however, strongly denied the charge with its
Director General Rev. Dr Daniel Ogbarmey Tetteh saying the accusations are
untenable and disingenuous.

“I don’t think anyone will be right in saying that SEC was
responsible for the collapse. If the model itself wasn’t viable it was meant to
happen and it will just be someone trying to look for someone to wear the cap,”
he told Francis Abban on Morning Starr in February.

“Anyone who says that SEC was responsible for the collapse of
Menzgold, I think is being a bit disingenuous,” he added maintaining that
Menzgold Ghana Limited’s collapsed following the directive because there was
something fundamentally flawed with the business model.

“The question is should a directive that stop issuing new
contracts, should it cause your operations to crumble? And that in itself
raises questions and concerns,” he said.