The New Patriotic Party (NPP) Member of Parliament for the Effutu Constituency, Alexander Afenyo-Markin says prosecuting Menzgold's boss, Nana Appiah Mensah could be dangerous.
He says such prosecution will make customers of the gold trading firm lose all their investments.
Speaking on Okay FM’s 'Ade Akye Abia' programme, he explained that it will not be in the interest of customers to pursue the matter as a criminal case because they may lose their monies eventually.
“[With] criminal prosecution, let’s tread cautiously. Even in advanced jurisdictions, the government will prefer to cut a deal to save a situation than to rush to court and begin a criminal prosecution,” he noted.
Afenyo-Markin, who is also the Board Chairman of the Ghana Water Company Limited, bemoaned the politicization of the Menzgold saga.
“For customers or clients of Menzgold, they should remain calm, their violent approach is needless. And for those who think they can politicize it, I tell them it is much ado about nothing,” he advised.
" . . If you prosecute the man, and you look at the Financial Task-force Regulation, there is a strong recommendation for a civil forfeiture procedure in matters as complicated as we find it now. Again, you wouldn’t get what you want," he added.
Government has sent a high powered government to Dubai to press for the extradition of CEO of Menzgold, Nana Appiah Mensah.
The delegation includes Deputy Attorney General, Joseph Dindiok Kpemka, a representative from the Economic Organised Crime Office (EOCO), the Bureau of National Investigation (BNI) and National Security.
Nana Appiah Mensah, popularly known as NAM1, is wanted for defrauding by false pretence and an allegation of money laundering after his company failed to pay customers investments.
An Accra Circuit Court issued a warrant for his arrest last week but a press release by the police Monday indicates that NAM1 has already been arrested in the United Arab Emirates (UAE) capital on December 7 after “a gold deal gone wrong.”
Source: Isaac Kwame Owusu/Peacefmonline.com/[email protected]
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***barred word*** ,you go for the money and prosecute the guy. That is how they handle Madoff in the USA. Jail him 150 years it will scare people from trying even to scam Ghanaian s.
guys let take a second look at what the mp is saying I am ndc guy but i think he is right.with the kind of criminal case against nam 1, it will be like throwing a stone at the elephant but with a civil case on behave of customer at law court that i think is perfect.
For the records, SEC never asked Menzgold to stop operations. The directive was for Menzgold to stop accepting new deposits and pay their clients because by Law they were not mandated to accept deposits. However, they can continue with their gold trading.
I SUSPECT YOU HAD DEALS WITH NAM1 IF NOT YOU WONT SPEW OUT SUCH SENSELESS GARGABE.ARE U THINKING AT ALL.TCHEEEEEEEEW...U TIME IS UP..GOD WILL EXPOSE ALL YOUR CRIMINAL DEALINGS
NAM 1 is a card bearing member of NPP and a financier. This case will be ***barred word***.
I understand that Menzgold wad duly paying its customers until it was ordered by the SEC to stop operations, on registration issues. A crippled businessman is not capable of honoring his obligations to his loyal customers. Was the company ponzy from the beginning or it run into trouble after the whip from authorities. A smart lawyer somewhere in the world is probably studying this issue. There might be big time suing on the way. Ghana people, prepare!
Hey Ghana , see how people have made u -turn on this brother who use some of the money to support Ghana sport's .There are lesson can be learned out of these whether positive or negative .Ye people must not be greedy and also put all your eggs in one bowl .The other side is GOV . can create a new way to allow people's money to work and getting something at the end of every month.
I am not surprised Alex is saying this. I have monitored his utterances on MenzGold issue for a while. It's either he has been paid by NAM1 to spew such none.senseless thoughts or he benefitted from the guy. Alex you better ***barred word***, else those who know you from Winneba in the 90s will be forced to disclose how you allegedly made your wealth. You are definitely not clean my brother. This matter is serious, I advise you stay away.
Look at the legal gemnastics man. A fraudster like you indirectly advocating for the free release of a conman. Is Maddock not in prison in the USA? Did Adoboli not get 7 years in the UK and deported back to Ghana?
This is the dumbest thing a legislator should say....were in the advanced world has an investment fraudster not being prosecuted. Cahhhhh can’t his assets be seized sold off to pay the principals ?