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Business, Editor's Choice, Security

Breaking: Warrant issued for Menzgold CEO’s arrest

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Posted: January 9, 2019 at 6:02 pm   /   by   /   comments (0)

A warrant for the arrest of embatled CEO of failing gold dealership company has been issued.

Nana Appiah Mensah is wanted for defrauding by false pretence after months of his failure to pay investors with Menzgold their entitlements. He is also wanted for money-laundering.

Apart from Nana Appiah Mensah, the warrant is also for the arrest of Rose Tetteh believed to be his wife and his sister Benedicta Mensah.

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There are reports, the embattled CEO is hiding in South Africa or Nigeria. Interpol with presence in 194 countries has also been alerted while any Ghanaian with knowledge of his whereabout is also charged to effect his arrest.

The warrant issued comes after another demonstration by frustrated clients of the troubled company. About a hundred protesters, some wearing mask, massed up in front of the Ashanti regional office of the company demanding the president intervenes.

The warrant comes hours after government insider and cousin to President Nana Akufo-Addo, Gabby Otchere Darko indicated the businessman has absconded.

He described the business as a ponzi scheme, a word many have refrained from using, and charged government to ensure Nana Appiah Mensah faces justice.

Gabby NAM1

Menzgold invites those with gold collectibles to deposit it at their vault with a mouth-watering promise of at least 7.5% returns monthly.

In effect, within a year, a client could make 90% returns on investments and at most 120%, a promise which Securities and Exchange Commission believes is – in the least – risky.

The sustainability of this business model was called into question because Menzgold’s promised 7-10% returns on gold collectibles exceeds the international market returns on gold which ranges between two to three percent.

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Photo: Warrant for the arrest of Benedicta Appiah

Source: Ghana|myjoyonline.com