Court orders sale of NAM1 properties

• Posted on January 20, 2022January 20, 2022
• by Nana Kwesi Coomson
• Comment

The Financial and Economic Crimes Division of the Accra High Court presided over by Justice Afia Serwaa Asare Botwe has granted express permission to the Economic and Organized Crime Office (EOCO) to sell properties of suspected fraudster Nana Appiah Mensah.

The order follows a motion filed by EOCO praying the court to allow it to auction the properties of the defunct company.

The 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 properties located at Trassaco Valley, an uncompleted residential property and 510 acres of land said to belong to NAM 1 were also frozen by the court.

On January 18. 2021. lawyer for EOCO, 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, a gold dealership and investment firm that promised customers a 10 percent monthly returns on their investments.

NAM1 is also the chief executive officer of Zylofon Media which had 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.