Embattled boss of failed gold dealership firm-Menzgold, Nana Appiah Mensah aka NAM1 has refuted claims that Menzgold is a Ponzi Scheme.
He cleared the air on the fraud tag attached to his failed gold dealership firm during his press briefing with the media on Monday 19th August 2019.
“Menzgold is not a Ponzi Scheme,” he said when quizzed if Menzgold is a Ponzi Scheme.
He emphasized that Menzgold trade in gold collectibles of its customers and make profits from them then share them with customers.
“It is not a ponzi scheme, it is just an innovative drive. Menzgold is not a ponzi scheme. We trade the gold collectibles of our and clients and we make profits from them and then we share with customers. We don’t have to quickly make conclusions and assumptions based on our mental dispositions and basic socialization about things. We need to go further and understand.” NAM1 stressed.
NAM1 speaking on how he plans to settle customers of their investment called on the Attorney General’s Department to aid him to retrieve the debt of $39 million owed by a Dubai firm, Horizon Royal Diamond.
According to Nana Appiah Mensah,retrieving the debt owed by the Dubai company will help him settle his numerous customers.
“All companies worldwide have liabilities in its books and so do Menzgold. Business, in summary, is all about owing and being owed. We at Menzgold are committed and do express our willingness to service our debts portfolios to our customers and business associates as soon as we can with a given opportunity.
“We respectfully pray the Ghanaian authorities to cooperate with us to achieve the following; to assist us to make full recovery of the amount owed Menzgold by Horizon Royal Diamond in Dubai. As an act of good faith, we are willing to engage the Attorney General’s office on the best possible way for them to aid Menzgold by employing international law and diplomatic relations to ensure we achieve this objective”. He added