NAM1
The defunct Menzgold Ghana Limited which was owned by the flamboyant Nana Appiah Mensah, popularly called NAM1, has appointed a digital marketing company to negotiate debt settlements with its numerous clients who remain unpaid.
Menzgold, a gold collectible firm, made the announcement in a statement issued by its management on Tuesday and said the digital marketing entity – Payboy Company Limited – is to act as a third party entity.
According to the statement, Payboy based in Accra will negotiate and facilitate the payment of the investment of Menzgold’s customers whose investments remain unpaid.
“Following advice given and subsequently reiterated in a press release issued on the 18th December 2019 with reference number KBA 3015/19 by our counsel, we’re happy to introduce PAYBOY COMPANY LIMITED, a digital payments marketing and promotions company, headquartered at No. 34 Nii Ako Nortei Street, Blohum Road, Dzorwulu, Accra, as the appointed third party entity with capacity to negotiate ‘Debt Settlements Agreements’ and to facilitate payments of same, in our committed resolve to ensure the eventual full debts settlements by Menzgold within the shortest possible time,” the statement read.
“Counting on your kind cooperation as we strive to achieve this noble debt settlement objective,” the statement added.
Previous Statements
Last year, Kwame Akuffo and Co., lawyers for Menzgold made it clear that they do not have the capacity to carry out payments to the company’s creditors, as stated in a press release issued by the company.
A letter from the lawyers reacting to the company’s earlier release had stated, “Our attention has been drawn to the press release dated December 18, 2019 by Menzgold Ghana Limited (the client) in respect of the above mentioned.”
“Paragraph four of the press release is to the effect that Kwame Akuffo and Co. Unlimited (the firm) on behalf of the client has been instructed to make payments to the creditors. We have informed the client that the firm does not have the capacity to carry out the said exercise. The firm is, therefore, unable to accept instructions in that regard. Under the circumstances, we have advised the client to instruct a third party entity to carry out the instructions in respect of the above mentioned.”
Menzgold Directive
In the press release issued by Menzgold earlier, it gave an assurance that beginning Friday, December 27, 2019, it was going to commence paying customers their locked-up funds which had been in arrears over the past three years in a payment plan it termed as ‘reverse mechanism’.
“Payments shall be made strictly following a ‘reverse mechanism’ which implies from the last day (month) of our business operations to the very day when our business commenced. Thus from September 12, 2019 to March 18, 2013.
“To this end, we shall start to settle all transactions in September 2019 and those who didn’t access extra values as we proceed in the above-described mode and manner.”
The company went on to give an assurance that it was in the process of collecting debts owed the company to buttress its funds to engender payment to customers.
The company emphasized that all claims would be made strictly according to the announced payment schedule.
“Payments start on Friday, December 27, 2019, with funds at hand now as we proceed to recover the debt owed Menzgold overseas, especially in Dubai and Europe, to come to reinforce as payments sessions continue. Claims shall be settled in full and shall be subject to an invitation from our legal team, Kwame Akuffo & Co.”
It further noted, “Unlimited, strictly following the below indicated scheduled hierarchical order, all to be settled within 36 months starting from December 2019. We shall endeavour to commit not more 36 months to settle all claims, as we follow strictly all reverse transactions or contracts as formed, to achieve cordial co-existence and harmony.”
Menzgold appeared to have folded up in 2018 due to a suspension order from the Securities and Exchange Commission (SEC), and has since been going through difficulties with its attempt to refund monies invested by the customers.
Court Case
NAM1, together with his wife, Rose Tetteh, and his sister, Benedicta Appiah (both of whom are at large) are altogether facing a total of 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence.
These include six counts of defrauding by false pretences, abetment, money laundering and carrying on deposit-taking business without licence.
His companies – Menzgold Ghana Limited and Brew Marketing Consult Limited – have also been charged with seven counts of defrauding by false pretences, and carrying on deposit-taking business without licence.
NAM1, on July 26, pleaded not guilty to all the charges. The court, presided over by Jane Harriet Akweley Quaye, then granted him bail to the tune of GH¢1 billion (about $185 million) with five sureties, three of which are to be justified.
Additionally, he was ordered by the court to report to the police every Wednesday.
Unable to satisfy the bail conditions, the defence team, led by Kwame Boafo Akuffo, later filed an application asking for variation of the terms.
However, the presiding judge, after listening to both sides, though maintained the sum of GH¢1 billion, removed the condition of three of the five sureties to be justified.
By Melvin Tarlue