Attorney General Assures Menzgold Customers2 min read
In a significant development for embattled Menzgold Ghana Limited customers, the Attorney General of Ghana, Godfred Yeboah Dame, has assured them of justice.
This comes after a new charge sheet was filed at the High Court, charging Nana Appiah Mensah, CEO of Menzgold, with 39 fresh charges of defrauding by false pretense, engaging in gold trading without a license, and money laundering.
During his keynote address at the 40th International Symposium on International Crime, Dame described Menzgold as a Ponzi scheme that has caused great harm to its victims. He highlighted the devastating consequences the scheme has had, including leaving many customers homeless, leading to broken marriages, and even resulting in loss of life.
Dame revealed that Menzgold had operated under different names before settling on its final name, Menzgold.
The company, which dealt with the purchase of gold collectibles from the public and issued contracts promising guaranteed returns, did so without the necessary license from relevant authorities.
He added that after thorough investigations, criminal prosecutions have now begun against the perpetrators of the scheme.
The Attorney General also addressed another scandal involving the former boss of the Public Procurement Authority (PPA), Adjenim Boateng Adjei.
He described the scandal as the most shocking of all procurement-related corruption cases involving public officials. Adjei was accused of establishing a company while still in his position at the PPA, bidding for government contracts, and subsequently selling the contracts at a higher price to other contractors.
Dame pointed out that the detection of false or inconsistent claims by contractors is often hindered by the protection extended by corrupt public procurement officers.
The case involving Adjei, who was terminated from his employment by the president and had his membership withdrawn by professional institutions, is currently being prosecuted.
The Attorney General’s assurances will bring some relief to Menzgold customers who have suffered significant financial losses due to the Ponzi scheme.
With criminal prosecutions underway, there is hope that justice will be served and the victims will be able to recover some of their losses.