Some heavily armed police officers have virtually formed human barricades around the MJ Grand Hotel in East Legon, Accra, where the embattled CEO Menzgold Ghana Limited, Nana Appiah Mensah aka NAM1 is due to address the media.
NAM1 is to address the media on recent happenings in Menzgold including the nonpayment of investors funds.
Menzgold is believed to be owing some 4,600 customers.
Menzgold is believed to be owing its customers some $42 million.
NAM 1 was recently released from police custody after an Accra High Court reviewed his earlier GH¢ 1 billion bail condition.
He was earlier standing trial in Dubai after his arrest there in connection with an alleged fraudulent gold deal.
Menzgold Ghana has been facing legal battle since the Securities and Exchange Commission (SEC) ordered it in September 2018 to halt its ‘illegal’ deposit taking business with the public.
NAM1 is believed to have traveled to the Emirates to retrieve the $39 million accordingly owed him by the Dubai firm to settle Menzgold clients.
Unfortunately, he ended up being arrested and has been standing trial in Dubai.
It is being rumoured that they are there to control tension in case aggrieved customers of Menzgold decide to storm the venue with demonstration.
BY Melvin Tarlue