Audio By Carbonatix
Desperate Menzgold customers have been told to temper their expectations after the state officially declared wanted, a businessman whose company has refused to refund their investments.
A law lecturer Justice Srem-Sai has explained, the possible arrest of the businessman Nana Appiah Mensah does not automatically mean they will get their monies.
“It is not automatic at all”, the GIMPA law lecturer told Raymond Acquah on Joy News’ Upfront Wednesday.
There is a manhunt in 194 countries for the Chief Executive Officer of Menzgold company Ltd, his wife Rose Tetteh and sister Benedicta Appiah.
The Circuit court in Accra which issued the warrant said he is wanted for defrauding by false pretence following months of agitation by angry and desperate customers.
Menzgold has a wide range of clients who found the promise of 7% to 10% interest on their gold collectibles deposited with the company attractive despite repeated warnings from regulators not to transact business with the company.
The customers are said to include bankers, small-scale miners, top military and police officers, clergymen and women and Ghanaians living abroad.
Justice Srem Sai explained that the effort to arrest the businessman is a step in the right direction, in so far as it will lead to the recovery of the monies.
He noted that in matters of white collar crimes, recovery of monies is more important than prosecution, an importance seen in the setting up of the Special Prosecutor whose work includes the retrieving illegally acquired public funds.
Latest Stories
-
Drug bust case: Only Customs officers, MPS officials in scanning room – NACOC
49 minutes -
I don’t mind being insulted; I have a crocodile skin – President Mahama
1 hour -
Samson’s Take: Verify the badge – and verify the story
1 hour -
President Mahama explains why Ghana must rethink regulation of TikTok, other new media platforms
1 hour -
Rule of law must be protected – GBA condemns EOCO action against Baffour Awuah
3 hours -
950,000 barrels of Sankofa crude head to TOR as GNPC deepens domestic refining
3 hours -
Scales of deception removed – Annoh-Dompreh attacks new cocoa price
3 hours -
Young Positivist Writes : My Experience with GCLP
4 hours -
Strong Day 1 turnout sets tone for Day 2 of Republic Bank-JoyNews Habitat Fair Clinic
5 hours -
Ghana Army warns new soldiers against social media misuse, uniform abuse
5 hours -
AMA calls for science-led action to tackle environmental health risks in Accra
5 hours -
NPP Canada Organizer BigMo urges Diaspora to support Kodua Frimpong
6 hours -
He entered at eight; he is now 16: Ghana’s children growing up in prayer camps
9 hours -
‘Development must not always begin from Accra’ — Anwelle Foundation launched in Jirapa
9 hours -
PKO trio eye victories at Odwira Festival
12 hours