Charles Nii Armah Mensah also known as Shatta Wale has asked Government to grant the embattled CEO of Menzgold, Nana Appiah Mensah bail in order to pay the aggrieved customers.

According to the Dancehall king,  NAM1 came to Ghana purposely to pay his customers.

Nana Appiah Mensah is currently facing charges of defrauding by false pretense and two counts of abatement to carry out banking business without a licence contrary to Section 6 (1) of the Banks and Specialized Deposit-taking Institutions Act, 2016 (Act 930) after his his return to Ghana.

He spent the night in  custody of the Criminal Investigations Department (CID) of the Ghana Police Service following his arrival in Ghana on Thursday.

Shatta Wale took to twitter to share his sentiment on NAM 1’s return.

He wrote: “NAM1 @mn_appiah came purposely to pay his customers so the system should allow him and stop dragging matters cuz he no chop anybody’s money ..Period ..!!!”

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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