‘Smart’ NAM1 capitalised on weak BoG, SEC supervision – Sly

Lorlornyofm
By Lorlornyofm February 14, 2019 12:57

‘Smart’ NAM1 capitalised on weak BoG, SEC supervision – Sly

Nana Appiah Mensah (NAM1) took undue advantage of the weak supervisory role of the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to operate his now-troubled gold dealership firm, Menzgold Ghana Limited, Mr Sylvester Mensah, a flag bearer-aspirant of the National Democratic Congress (NDC) has said.

According to him, the BoG and SEC, as well as all the other regulatory agencies in the financial sector, must bow their heads in shame for failing in their supervisory role.

The former Chief Executive Officer (CEO) of the National Health Insurance Authority (NHIA) has, therefore, called on the government to ensure that the few resources that have been retrieved from the firm are distributed to the affected customers of the company.

“I think that there was a regulatory failure. The Securities and Exchange Commission, the Bank of Ghana and all the regulatory agencies in the financial sector failed.

“A very smart individual saw a lacuna in the law and realised that there was a grey area that he could operate where regulation doesn’t appear to be efficient.

“He took advantage of that area and now Ghanaians are in trouble. I think that the government must bow its head in shame, the regulatory agencies must bow their heads in shame and see what they can do to, at least, gather the pieces, sort out those who should be sorted out within the contest of what and how much is available.”

Meanwhile, NAM1 will make his third court appearance in Dubai on Thursday, 14 February 2019, where he is facing a misdemeanour charge over a $23 million deal gone bad.

He is currently being held on remand at the Al Barsha police cell.

The criminal charge of a misdemeanour in Dubai is equivalent to a second-degree felony in Ghana and if found guilty, could spend up to two years in prison.

A source familiar with the United Arab Emirates’ (UAE) justice system said he could also face civil charges from the complainant, who is seeking to retrieve $23 million and his failure to pay that money could earn him an additional three-year jail term.

Source: Ghana/ClassFMonline.com/91.3FM

Lorlornyofm
By Lorlornyofm February 14, 2019 12:57
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