I can’t give my customers timelines on when I will pay them because I cant access funds – NAM1

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Chief Executive Officer of embattled gold dealership firm Menzgold, Nana Appiah Mensah aka NAM1 has stated that, there are no timelines on when the firm can pay customers their locked up funds.

NAM1 in a press briefing disclosed that, the company is unable to access money right now as their accounts have all been frozen.

He said when they go through all legal processes and they have their accounts back, they will sit with the leadership of the customers and negotiate on the timelines for payment.

“We can’t access money now, we can’t do without the bank account, so once we engage government and come to a conclusion, we will get to the leadership of the customers and come to a consensus and agree on timelines that will be of mutual benefit, so we will definitely bring a timeline but we need customers to be a little patient,” he said.

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About GH¢200 million of depositors cash is believed to be held up at the gold dealership firm.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929)

NAM1 says he has tried all means to get cash and pay the aggrieved customers and one of such plans led him to UAE where he was arrested.

 

After several months, the court in the UAE ruled that Horizon Diamonds should pay NAM1 some $39 million for gold supplied.

 

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