Menzgold Chief Executive Nana Appiah Mensah has been remanded into police custody after he appeared before court Friday Morning.
He is to reappear in court on July 26,2019.
The court granted the order after the police requested for two weeks to enable them complete investigations into allegations against NAM 1, as he is popularly known.
Police say the court process is in pursuance of the cases that have been filed against NAM 1, as he is famously known, by disgruntled Menzgold customers.
Meanwhile, a private legal practitioner and vocal Menzgold investor, Maurice Ampaw says government maintaining the option of a Lawsuit against the embattled gold dealership CEO, Nana Appiah Mensah popularly known as NAM 1 could frustrate efforts to settle customers’ locked up investments.
“The wayforward is not about prosecution;the wayforward is how best we can retrieve customers locked up investment. We can take him to court to secure bail for him, but immediately after the court bail, the Police should take advantage of the Alternative Dispute Resolution(ADR) meaning out of court settlement declared by the Chief Justice and to be promoted by all the courts, so that all stakeholders can meet NAM 1 and see how best he can mobilize resources in settling his customers,” he told Kasapa 102.5 FM.
The Criminal Investigations Department(CID) of the Police Service this morning arraigned embattled CEO of defunct firm Menzgold Nana Appiah Mensah aka NAM 1 after he landed in Ghana on Thursday.
He has been in custody in Dubai since last year.
NAM 1 has been slapped with three charges, money laundering, illegal deposit taking and defrauding by false pretenses.
A bail request by his lawyers was turned down by the CID.