The Economic and Organised Crime Office (EOCO) has been granted permission by a court to sell properties owned by CEO of the defunct Menzgold, Nana Appiah Mensah, aka NAM1.
The Financial and Economic Crimes Division of the Accra High Court presided over by Justice Afia Serwaa Asare Botwe granted the permission after EOCO filed a motion asking the court to allow it to auction the properties of the defunct company.
According to sources, NAM1's companies that will be sold along with its assets include Brew Energy, G-Tech Automobile Service, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company Limited.
Also, two estates belonging to the embattled CEO located at Trassaco Valley -- an uncompleted residential property and 510 acres of land -- have also been frozen by the court and marked for possible auction.
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On January 18, 2021, the lawyer for EOCO, Mr Abu Issa, submitted that EOCO and other law enforcement agencies investigated Menzgold and found out that it had engaged in money laundering and other serious offences.
The motion, he said, was premised on Sections 2 and 3 of the EOCO Act, 2010 (Act 804) which gave the law enforcement agency the power to undertake such action.
Nana Appiah Mensah popularly known as NAM1. is an alleged fraudster known for starting Menzgold. gold dealership and investment firm that promised customers a 10 per cent monthly returns on their investments.
NAM1 is also the chief executive officer of Zylofon Media which has signed Ghanaian musicians such as Shatta Wale, Stonebwoy Becca, Joyce Blessing, and Kumi Guitar and movie stars such as Jackie Appiah. Benedicta Gafah, and Toosweet Annan.