Ghana News

Prosecution of NAM1 does not serve interest of Menzgold customers – Maurice Ampaw


The Convenor of Proud Menzgold clients, Maurice Ampaw, has stated that the outcome of the court proceedings involving the Chief Executive Officer of the beleaguered gold dealership business, Nana Appiah Mensah, also known as NAM1, would not benefit clients.

He indicated unequivocally that prosecuting NAM1 will not aid in the recovery of their frozen cash, emphasizing the necessity for the government to assist him in obtaining his investments from Horizon Diamond in Dubai.


The legal scholar went on to say that it was smart for both customers and the government to trust in Nana Appiah Mensah’s goal.

Speaking at a press conference held in Accra on Friday, January 5, 2024, Maurice Ampaw said, “Granted that the matter before the court, the prosecution of NAM1 will end up in two things. Either NAM1 will be convicted and sentenced. The sentence can come in two forms, can be a fine, can be a custodial sentence, it can be a pardon… or NAM1 will be acquitted and discharged. “
“In both scenarios, it does not serve our interests. It doesn’t bring back our money so to us, what is happening in the court does not serve the prime interest of the Menzgold customers because if NAM 1 is incarcerated, we will not get our money back. If he is acquitted and discharged, we will not get our money back. What will make us get our monies back is to continue to believe in what NAM1 stands for,” he added.

According to him, the funds from the Dubai investment can be used to pay off clients’ debts.

NAM1 was charged with 39 charges of deception, participating in gold dealing without a license, and money laundering.

Meanwhile, Godfred Yeboah Dame, Minister of Justice and Attorney General, has stated that justice would be given to all Menzgold clients.

Menzgold was urged by the Securities and Exchange Commission (SEC) to cease its gold trading operations with the general public in 2018.

According to the SEC, Menzgold was involved in the acquisition and deposit of gold collectibles from the public as well as the issuance of contracts with guaranteed returns to clients without a proper Commission license.

This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.





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