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.
Have your say
More News Headlines
- Undercover investigator killing: Homicide Unit takes over probe
- Killing of undercover investigator: President expects justice ‘as soon as possible’
- Kennedy Agyapong calls for Anas arrest over Ahmed murder
- Yendi gets $30m water supply project after peaceful chieftancy process
- Family of killed undercover investigator demand justice
- We are devastated by Hussein-Suale dastardly killing - Tiger Eye PI
- Your security is in your hands - Former CID Director cautions
- Social media reaction to killing of undercover investigator
- Anas’ partner killing: Kennedy Agyapong has questions to answer – Lawyer
- Nomadic herdsmen invade Sekyere Central; officials to use diplomatic approach
- 53 soldiers sue Menzgold over GH¢2.5m locked up investment
- Newspaper headlines: Thursday, January 17, 2019
- Anas' key partner shot dead
- PHOTOS+VIDEO: Huge fire destroys Odawna Market
- PTA Council laments use of 'inexperienced' NABCo teachers for SHS