Before the Securities and Exchange Commission put their foot down and effectively shutdown Nana Appiah Mensah’s Menzgold, which ultimately brought down all the other businesses associated to him, NAM1 was one of the most loved employers.
People were submitting job applications in droves and as his businesses grew he employed a lot more.
In our last count (February 2018), Nana Appiah Mensah reportedly owned about 18 companies which included Zylofon Media which was subdivided into Zylofon TV, Zylofon FM, Zylofon Music, Zylofon Arts Club, Mingle X, Zet Cinema, Zylofon Cash and Zylofon Arts Fund.
Others included Brew Marketing Consult, Brew Realty Company Limited, Cheetah Security Co. Limited, Menzgold itself and many others.
Most of the employees in these 18 companies were sent out of the job when the companies were closed down.
They have also not been paid for months now.
However, in a press conference today, their boss, Nana Appiah Mensah had a special message for them.
“To the staff body of all our companies, I encourage you to stand strong,” he said.
“To our Menzgold customers, please remember that your patience and support for us is not an entitlement but something we earned working with you over the years” he added to as an address to the customers.
This press conference comes as he is facing 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
Nana Appiah Mensah is facing 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
He has been accused of defrauding his customers to the tune of about GHC1.68 billion.
According to the charge sheet, the money was from 16,000 people who invested a total of GHC1,680,920,000 in the company.
The charge sheet indicated that Mr Appiah Mensah’s two companies; Brew Marketing Consult and Menzgold Ghana Limited have also been charged with defrauding by false pretence.
Mr Appiah Mensah’s sister and his wife; Benedicta Appiah and Rose Tetteh, have also been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of Act 930.