Menzgold England could be booted out of UK in coming weeks

An Instagram post of Nana Appiah Mensah alias NAM 1 announcing the opening of the UK office

The Registrar of Companies in the United Kingdom is likely to strike out Menzgold England from its list unless a compelling reason is offered for the continuation of its operations.

It has emerged as Menzgold England’s license expires, should the license to operate in the country be revoked or expire without renewal the English Crown will seize the company’s property.

The Registrar said in a notice that “unless cause is shown to the contrary, at the expiration of 2 months from the above date [12/02/19] the name of Menzgold England Limited will be struck off the register and the company will be dissolved.”

After gaining a foothold in Ghana, Nana Appiah Mensah; owner of the gold trading platform opened offices in Spain, Nigeria and the United Kingdom so clients in those countries needn’t travel to Ghana to buy gold rather they could be processed in their respective countries so the gold is brought to them.

Nana Appiah Mensah, Menzgold CEO

Nana Appiah Mensah alias NAM 1 was directed by the Securities and Exchange Commission (SEC) in September 2018 to halt operations since their business did meet its guidelines; a development NAM 1 and his workers allege affected the inflow of funds to pay the monthly interest of clients who had bought gold collectibles but retained it with the firm to trade with.

While affected clients bayed for his blood over their locked up funds said to be in the region of GHc200 million, NAM 1 travelled to Dubai to receive payment for gold supplied to a client but was detained by the police on November 2018 over charges the supposed client levelled however news filtered in on Tuesday, April 9 that a Dubai court had acquitted and cleared him of fraud charges

In Ghana, a Deputy Attorney General, Joseph Kpemka says extradition processes for Nana Appiah Mensah will be triggered by the police CID after a thirty day mandatory period in Dubai for appeal.

Menzgold customers had enjoyed the payment of 7 percent to 10 percent returns on special gold collectibles bought and deposited with the company.

By Michael Eli Dokosi/goldstreetbusiness.com