Connect with us

Business

Armed Police officers storm NAM1 mother’s house to ‘gather information’

Published

on

rmed Police officers storm NAM1 mother’s house to ‘gather information’

Heavily armed Police officers have stormed a house in Cape Coast belonging to the mother of Nana Appiah Mensah who is wanted for alleged fraud and money laundering in the Menzgold Ghana saga.

Residents told 3news.com the officers, numbering about 20 arrived at the huge one-storey house located at Adaaso at about 11:20 Sunday in search of Nana Appiah Mensah who is popularly known as NAM1.

Sources within the Central Regional Police Command have confirmed the ‘friendly visit’ to the house by a team of officers from Accra and Cape Coast but did not give further details except to say they were there to “gather information,” our correspondent Thomas Cann reported.

According to the sources, “no one was arrested” and that the visit was part of investigations by Interpol in the case being handled by the Police Criminal Investigations Department. It is unclear whether the officers met the mother, Mrs. Ivy Brew, who is said to be the owner of the property that sits on a large compound.

What happened?

A neighbour who witnessed the incident Sunday morning said they were there when suddenly “we just saw a lot of police [officers] at my next door. Apparently, they were looking for NAM1”

The source who spoke on condition of anonymity said the residents they initially thought the officers were in the neighbourhood because of an armed robbery, but it turned out they were after NAM1

“Initially, we thought it was armed robbery but later we heard they were looking for NAM1,” the source said, noting she never knew the property belongs to NAM1’s mother until Sunday’s incident.

People in the area told our correspondent Monday that aside someone in the house who is believed to be a caretaker, hardly do they see people moving in and out of the property that has been walled with electric fence wire.

According to them, once in a while, they find people come in and go.

When our correspondent visited the area Monday, the gate to the house was locked.

“There was a gentleman at the gate who told me his boss has asked him to come to the house to do something for the woman. For 30 minutes he has been at the gate without anyone responding to ringing of the doorbell,” Thomas Cann reported.

Police on Friday declared NAM1 wanted as they secured a warrant for his arrest.

The action by the Police followed a series of protests from aggrieved customers who have had their investments running into several thousands of dollars locked up in NAM1’s Menzgold firm.

“We are looking for him [Nana Appiah Mensah] to be arrested and that we have even obtained a warrant of arrest,” Director of the Police CID, DCOP Maame Yaa Tiwaa Addo-Danquah, said in a statement Friday.

The Police have since notified Interpol to arrest Nana Appiah Mensah who is believed to be hiding in either South African or Nigeria.

Background

The Bank of Ghana in August last year issued a public notice that Menzgold Ghana Limited is not licensed and has no authority to engage in the solicitation, receipt of money or investments and the payment of dividends or returns to its clients which is captured in Section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It also hinted of impending sanctions, saying after several cautions to Menzgold, it has started discussions with relevant regulatory authorities to sanction them for breaching the law.

Though Menzgold called the bluff of the central bank, it was forced to shut down in September 2018 by the SEC.

As part of the shutdown notice, the firm was ordered not to take new contracts (investments).

SEC claimed evaluation of Menzgold’s documentations show the company does not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

The company has since been in tango with SEC as well as customers and investors who are demanding their returns and investments.

But when the issues appeared to have escalated due to pressure from the customers, Nana Appiah Mensah run to parliament with a petition to intervene so the company can resume operations and pay its customers.

Intervene for us to resume operations – Menzgold begs Parliament The company pleaded with the House to particularly intervene in the impasse between it and the SEC, which the company claimed has caused delays in paying its customers interest on their investments.

The company claimed in the petition to the Finance Committee of Parliament that the complete shutdown of its gold collectible vault by SEC has “caused a lot of serious challenges for the company and its customers [both local and foreign]”.

Accordingly, the firm wants parliament to “intervene and help resolve this matter amicably”.

Source: 3news.com

Business

6 arrested by National Security over illegal gold business

Published

on

6 arrested by National Security over illegal gold business

Some six individuals have been arrested by National Security officers in Kumasi, Ashanti Region for allegedly engaging in the illegal gold business.

Operatives of the National Security, who had the necessary permits, made the arrests.

The suspects have been transferred to the National Security headquarters in Accra for further interrogation.

Kojo Oppong Nkrumah who is the Minister for Information confirmed the arrest at a news conference in Kumasi yesterday but did not give further details.

The Minister also talked about the security situation in the country and said the government was doing everything practicable to ensure that the country was safe.

He said the government had shown good faith by retooling the security agencies and recruiting more men and women to beef up the security of the state.

Matters of security, he said, were critical to national development and would, therefore, be tackled with all urgency.

Source: primenewsghana.com

Continue Reading

Business

Contractors going bankrupt; pay them – Nduom

Published

on

Contractors going bankrupt; pay them – Nduom

The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has said the delay by the government in paying local contractors, some of whom, he said, are customers or investors, has led to the lock-up of GHS2.2 billion from the Groupe’s Gold Coast Fund Management, alone.

“When we keep fighting for Ghanaian contractors to be paid, we are fighting for customers/investors to get their money. How much? GHS 2.2 billion is currently locked up in the process from Gold Coast Fund Management alone”, Dr Nduom wrote on social media Saturday, 10 August 2019.

Other Ghanaian financial institutions, he said, “Have funds locked up in infrastructure projects. The contractors are going bankrupt. The customers have it worse. They are suffering. When a contractor is not paid after three years of completing a job, the financial institution does not get paid. The customers who invested their monies with the financial institutions don’t get paid”.

“Who should fund infrastructure – roads, bridges, schools, etc. – in Ghana?”, the former presidential candidate asked, adding: “Gold Coast has been doing it for 15 years. Over 14 billion Ghana Cedis invested. Now with a portfolio of 2.2 billion Ghana Cedis”.

“It is the government that stopped giving advance payment to contractors and asked them to pre-finance projects. Gold Coast stepped in to support our indigenous Ghanaian contractors and has funded over 600 projects. This is a good thing the company has done.

“Our concern is to get the payment process going so contractors can complete projects, get them certified, get paid so they can pay back what they owe to Gold Coast so that Gold Coast can pay back money to its customers/investors.

“This is not Nduom’s money. It is not politics. It is pocket-level economics. The money is in Ghana with government agencies and in infrastructure projects”, he said.

Dr Nduom added: “This is not the only investment made by Gold Coast, which is why it paid back over 1 billion Ghana cedis in 2018 and has paid about GHS100 million this year”.

Recently, a coalition of local contractors threatened to lock all public schools and facilities they built if the government delayed further in paying them their funds.

Source: classfmonline.com

Continue Reading

Business

CBOD petroleum price outlook: Refined products review and outlook

Published

on

CBOD petroleum price outlook: Refined products review and outlook

The international market prices of gasoline and gasoil averaged $648.98/mt and $584.73/mt respectively in the first pricing window of July (12th-26th July 2019), $5.70/mt lower than the previous window in the case of gasoline and $0.89/mt higher than the previous window for gasoil.

These prices (12th-26th July) were 29% and 7% higher than average prices observed in the beginning pricing window of the year. Average international market prices have been sporadic during the year, starting the first window of January at $504/mt for gasoline and $545.63/mt for gasoil.

Prices for gasoline and gasoil peaked in the first selling window of June at $749.68/mt and $639.88/mt respectively. This was 49% and 17% higher than the prices observed in the first window of January 2019.

International market prices are expected to drop between 1%-2% for both gasoline and gasoil in the second pricing window of July (27th July-11th August 2019). This is attributable to the ongoing trade war between USA and China which has slowed the growth in China’s demand.

FuFeX60

The forward FX rate (FuFeX) used is the average of the quoted indicative forward forex rate from major oil financing banks adjusted by the covered-interest parity pricing model. The FuFex60 is computed as the average 60-day forward fx rate of selected major oil financing banks. The Fufex60 to be applied for the first selling window of August 2019 is Ghs5.60/USD.

The adoption of a FuFeX30 (30-day forward rate) instead of FuFeX60 can reduce pump prices by about 2%. It is therefore necessary that BDCs revise their trade credit tenor downwards to help reduce consumer prices at the pump.

The Ex-refinery Price Indicator (Xpi)

The Ex-ref price indicator (Xpi) is computed using the referenced international market prices as observed to be usually adopted by BDCs, factoring the CBOD economic breakeven benchmark premium for a given window and converted from USD/mt to Ghs/ltr using the FuFeX.

Source: CBOD

Continue Reading

Trending