SONA 2019: Menzgold debacle is a tragic phenomenon but no offender will escape justice-Prez


President Nana Addo Dankwa Akufo-Addo has for the first time reacted to the Menzgold saga.

 

Delivering his third ‘State of the Nation Address’ today [Thursday] February 21, 2019, the president described Menzgold as a tragic incident that has affected a lot of Ghanaians.

 

He said, ‘’the Menzgold debacle is a tragic phenomenon that appears to have occurred in plain sight, and affected a lot of people, in spite of warnings from official institutions.’’

 

The president used the occasion to admonish Ghanaians to learn from the Menzgold saga in order not to fall victim to other scams in future.

 

‘’As the authorities try to unravel the intricate 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.’’

 

He added that ‘’the existence of a body such as the newly inaugurated Presidential Financial Stability Advisory Council would have forestalled the emergence of the Menzgold saga, and will make if difficult, in future, for any such scheme to get off the ground.’’

 

The Economic and Organised Crime Office (EOCO), on Tuesday January 29th secured a court order to freeze properties of Menzgold Ghana Limited as well as other associated companies.

In a press release signed by the Head of Public Affairs at EOCO, Jacqueline Avotri, the court order for the freezing of properties and assets of Menzgold Ghana Limited includes that of associated companies affiliated to the embattled Menzgold CEO, Nana Appiah Mensah.

The associated companies which are stated in the news release are 7 in number, and they include; Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and media company, Brew Energy Company Limited, G- Tech automobile service.

EOCO also listed two properties located at Trassaco Valley [Plot no. 315 and plot no. 337], as well as a plot of land near Oak Street at Trassaco Valley, and an uncompleted residence and a 510 acre of land.

The press release also called on all employees of the affected companies, relatives and friends of the Menzgold CEO who have in their possession any of the named properties to surrender all such assets to EOCO in their own interest.

“By this news release, all employees of the affected companies, relatives and friends who are in possession of any of such properties are to surrender same by the authority of the high court to the Economic and Organized Crime Head Office and Regional Offices in their own interest. Failure to do so will constitute contempt of court which will attract the appropriate sanctions,” the statement read.
Background

Hundreds of Ghanaians are unable to retrieve their investments in Menzgold, and some have gone to court to seek redress.

This was after Menzgold was asked by the Securities and Exchange Commission, SEC, to stop it’s business because it was illegal. The company has since then struggled to pay clients, giving credence to suggestions that he was running a ponzi scheme.

There’s an existing arrest warrant for NAM1, after it emerged that he had breached his bail conditions and fled the country.

Although he’s said to have been arrested in Dubai in the first week of December 2018, news of his arrest became known in early part of January 2019, after the warrant had been issued for him.

His arrest in Dubai is believed to be in connection with a gold deal worth millions of dollars that has gone bad.

He’s to be available to Ghana after he completes his trial process in Dubai.

 

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