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Judgement Day: Court Decides On NAM1 Properties Today

January 19, 2022
Stephen M.CbyStephen M.C
in General News
0
Judgement Day: Court Decides On NAM1 Properties Today

Nana Appiah Mensah

The Financial and Economic Division of the High Court will today, Wednesday, January 19, 2022 make decisions regarding properties of Nana Appiah Mensah (NAM1), the Chief Executive Officer of the defunct gold collectible firm, Menzgold Ghana Limited.

This was after the Director of the Economic and Organised Crime Office (EOCO) moved a motion for the properties of NAM1 and Menzgold to be auctioned to defray the customers of the company. The application for auctioning of some properties of the defunct company was filed in November last year.

Abu Issah, Counsel for Executive Director of EOCO, prayed the court to give authorization for the assets of NAM 1 to be auctioned because he acquired them through illegal means.

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“We have a motion on notice for the discharge of confirmation and further prayer for official auction for the properties of respondents (Menzgold and NAM1).”

Abu Issah

The Counsel pointed out that the applicant (EOCO) and other corroborative agencies found out that, the respondents have engaged in alleged money laundering and other serious offences contrary to sections of the Economic and Organised Crime Office.

The motion, he said, was premised on Sections 2 and 3 of the EOCO Act, 2010 (Act 804) which gave the law enforcement agency the power to undertake such action.

The court presided over by Justice Afia Serwah Asare-Botwe in last sitting assured that the orders of the court would be made ready today.

Law
Gavel

Froze of NAM 1’s Properties

In January 2019, EOCO froze some accounts of the embattled Chief Executive Officer of Menzgold after he was arrested and charged before a Circuit Court in Accra, following complaints by customers claiming to have their funds locked up at Menzgold. Also, two properties located at Trassaco Valley, an uncompleted residential property and 510 acres of land said to belong to NAM 1 were also frozen by the court.

EOCO in addition, froze some landed properties belonging to the CEO and his firms, and then directed all of its regional directors to look out for such assets in the various regions where Menzgold and its related businesses operated.

Other assets of entities run by the CEO of Menzgold, Nana Appiah Mensah, aka NAM 1, were also frozen by the court.

The affected entities were Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited and G-Tech Automobile Service.

What the law says

Section 2 of Act 804 stipulates that the objects of EOCO are to prevent and detect organised crime, as well as facilitate the confiscation of the proceeds of crime.

Per Section 3 (a) of Act 804, EOCO has the mandate to investigate crimes such as financial loss to the state, money laundering, human trafficking, prohibited cyber activity, tax fraud and other serious offences.

Section 3(b) of Act 804 gives EOCO the power to take steps to recover the proceeds of such crimes under its mandate.

READ ALSO: Bank of Ghana Confirms Sacking Some Employees With Fake Certificate

Tags: EOCONAM 1Properties

Send your news stories to [email protected] and via WhatsApp on +233543050759.

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