EOCO summons NAM 1 for questioning over Menzgold

The Economic and Organised Crime Office (EOCO) has invited the owner of gold buying firm Menzgold Ghana Limited, Mr Nana Appiah Mensah for questioning. The Executive Director of the Economic and Organised Crime Office (EOCO), K.K Amoah confirmed the invitation when contacted by GraphicOnline but declined comment on the reasons for the invitation when quizzed if it is related to a Bank of Ghana which described activities of Menzgold as illegal. The Bank of Ghana (BoG) in that notice stressed 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).

The BoG in the notice 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. However, in a response to the BoG notice, Mr Mensah branded the central bank a joke for attempting to use his business as a cover-up for the collapse of banks in the country. Aside Menzgold, Mr Mensah also owns entertainment company Zylofon Media Company Limited which has artists including Stonebwoy, Becca, Shatta Wale, Joyce Blessing, Kim Guitar, and actors Benedicta Gafah and Toosweet Annan on its books. He also reportedly owns Brew Marketing Consult Co. Limited, Menzgold Espana S.L, T.I.A. Holdings (USA), Brew Energy Company Limited, Brew Realty Company Limited, and Cheetah Security Co. Limited. Graphic Online]]>

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