‘EOCO’s reaction to Menzgold saga was slow’ – Joseph Kpemka

‘EOCO’s reaction to Menzgold saga was slow’ – Joseph Kpemka

Former Deputy Attorney General, Joseph Kpemka, says the Economic Organised Crime Office (EOCO) delayed in freezing the accounts of the Chief Executive Officer of now-defunct gold dealership firm, Menzgold.

In 2019, EOCO froze the accounts of Nana Appiah Mensah also known as NAM 1, months after it came to the fore that Menzgold was operating without a license.

Mr. Kpemka, the head of a government delegation probing the case at the time, believes EOCO could have been swifter in pursuing justice for aggrieved customers of the gold firm.
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“EOCO should have reacted quickly by freezing such accounts immediately it came to its attention. At the time, we had not mounted any civil action against NAM 1 so EOCO had the power to freeze his accounts.”

His comment follows the customers’ petition to the presidency for an intervention on Monday, September 12, 2022.

The Director of Operations at the Presidency, Lord Commey, who received the petition, assured that the President would consider their demands.

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018.

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

The SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

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Menzgold customers have in the past bemoaned the lack of commitment on the part of the government to have their monies paid to them.

They are also unhappy about the delay in the prosecution of Menzgold’s CEO, Nana Appiah