According to him, his recent interaction with the media and customers was “totally useless” and will not yield any results.
Kumchacha who claimed his huge investment is locked up at MenzGold warned NAM 1 to pay him and others or face his wrath.
“His press conference was useless. He should have rather kept quiet. He has no sense. He think he is a wise cripple, but let me tell you, I am smarter than him,” he said in an interview with NEAT FM’s morning show 'Ghana Montie'.
Nana Appiah Mensah at a press conference Monday morning pleaded with the government to Assist MenzGold to retrieve monies owed it by some foreign companies, unfreeze his companies assets and his personal bank account to allow him pay his clients immediately. He also asked the government to clearly give directions on which regulator has jurisdiction and supervision over MenzGold's business model.
Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operations.
Several efforts by the customers targeted at the company to get their monies have proved futile.
According to the Securities and Exchange Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).
NAM1 says he has tried all means to get cash and pay the aggrieved customers and it was one of such plans that led him to the UAE where he was arrested.
A court in the UAE ruled that Horizon Diamonds should pay NAM1 some $39 million for gold supplied.
NAM1 after the ruling returned to Ghana where he is facing charges for fraud and has been granted bail worth GH¢1billion.
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