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Friday, December 4, 2020

Shatta Wale describes NAM1 as “GREATEST” after his BAIL.

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Ghanaian top leading controversial dancehall artist, Charles Nii Armah Mensah also known as Shatta Wale has reacted to embattled CEO of Menzgold Nana Appaih Mensah’s bail.

Reacting to it, Shatta Wale took to Twitter to express how he feels about Nana Appaih Mensah’s bail.

He describe him as Greatness.

Nana Appiah Mensah who made his second appearance in court on Friday after he returned from Dubai, where he was incarcerated for close to six months in connection with fraud allegations against him was admitted to GHS1-billion bail bond by an Accra Circuit Court on Friday, 26 July 2019.

He wrote: “Greatness
Granted bail 🙌🏼🙌🏼🙌🏼 #Nam1”

Background

The Bank of Ghana in August last year issued a public notice that Menzgold Ghana Limited is not licensed and has no authority to engage in the solicitation, receipt of money or investments and the payment of dividends or returns to its clients which is captured in Section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It also hinted of impending sanctions, saying after several cautions to Menzgold, it has started discussions with relevant regulatory authorities to sanction them for breaching the law.

Though Menzgold called the bluff of the central bank, it was forced to shut down in September 2018 by the EC.

As part of the shutdown notice, the firm was ordered not to take new contracts (investments).

SEC claimed evaluation of Menzgold’s documentations show the company does not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

The company has since been in tango with SEC as well as customers and investors who are demanding their returns and investments.

But when the issues appeared to have escalated due to pressure from the customers, Nana Appiah Mensah run to parliament with a petition to intervene so the company can resume operations and pay its customers

The company pleaded with the House to particularly intervene in the impasse between it and the SEC, which the company claimed has caused delays in paying its customers interest on their investments.

The company claimed in the petition to the Finance Committee of Parliament that the complete shutdown of its gold collectible vault by SEC has “caused a lot of serious challenges for the company and its customers [both local and foreign]”.

Accordingly, the firm wants parliament to “intervene and help resolve this matter amicably”.

Source: Ghana | GhanaNewsPage.com | William Kabutey Dosoo

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