Godfred Yeboah Dame, the Attorney General and Minister for Justice, revealed that Nana Appiah Mensah, popularly known as NAM1, the Chief Executive Officer of the now-defunct Menzgold Ghana Limited, had given the police GH¢2.5 million.
He clarified that, in contrast to NAM1’s assertions, he only gave GH¢2.5 million to the police as payment for the company’s customers.
Godfred Yeboah Dame, the Attorney General and Minister for Justice, revealed during a question-and-answer session on the floor of Parliament that GH¢2.5 million, not the GH¢5 million that was reported, was all that was received from NAM1.
“The record I have before me indicates that an amount of GH¢2.5 million was paid, so the claim of GH¢5 million having been paid to the Ghana Police Service is untrue. It was only GH¢2.5 million that was paid to the Ghana Police Service by the accused person.”
In a statement, NAM1 said that the Ghana Police Service had received GH¢5 million on October 20 to be distributed to the clients of the bankrupt company.
He explained that the funds were intended to be disbursed to clients who cleared the company’s verification process, which included a GH¢2.5 million judgment debt.
On September 19, the CEO of the now-defunct Menzgold Ghana Limited was granted bail totaling GH¢500 million with four sureties—none of which were deemed necessary—after he was brought before the court on charges of defrauding his clients.
NAM1 recently revealed that Menzgold has paid 5,000 of its clients. Initially, the business had asked clients for all relevant paperwork to speed up the payment validation process.
But the company later explained in a communication that a large percentage of the claims that were submitted had errors in them, making sixty percent of the claims unsuitable for settlement.
The now-defunct business also suggested that clients with funds committed enroll for a 650 cedi fee in order to find out if they qualify for reimbursements.
