Business

Zylofon Media suspends operations

Management of Zylofon Media has announced that its stations, both television and radio, will cease to operate, effective Wednesday, January 30, 2019.

This announcement follows a High Court order for the handing over of all Menzgold properties and its affiliate companies, of which Zylofon Media is part.

The Court’s order stated that all these properties should be handed over to the Economic and Organized Crime Office (EOCO).

In a statement signed by the Communications Manager of Zylofon Media, Samuel Atuobi Baah, the media company noted that it is willing to comply with the law in every regard.

“Being a law abiding entity, we expect that due process be facilitated to restore sanity.”

The company expressed gratitude to its viewers and listeners for sticking with its media firms throughout their transmission period.

Menzgold saga

Last year, the Securities and Exchange Commission (SEC) ordered the shutdown of Menzgold Ghana Limited for failing to secure the right license for operation.

Following this shutdown, customers became agitated after efforts to retrieve their investments failed.

Despite several promises and assurances from management of Menzgold, customers are still yet to retrieve these investments.

Some of these customers appealed to government to intervene in helping them retrieve their investments.

President Nana Akufo-Addo gave directions for the arrest of CEO of Menzgold, Nana Appiah Mensah, following these developments.

However, Mr. Appiah was out of the country at the time, and was later arrested in Dubai by police of the United Arab Emirates (UAE) for engaging in an illegal gold trading deal.

He is expected to be handed over to security officials in Ghana after trial in Dubai.

It is on the back of these developments that High Court has given an order for the handing over of all properties of Menzgold and its sister companies.

Workers, friends and relatives of Mr. Appiah who are in possession of one property or the other are also expected to hand over all to EOCO.

By Irene Amesimeku| 3news.com|Ghana

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