The woes of troubled gold-trading firm, Menzgold Company Limited continues to deepen as a Circuit court in Kumasi in the Ashanti Region has ordered that properties of the troubled firm be auctioned.

The court ruled that properties of the firm in Amakom, all personal properties in the office of Menzgold ltd in Amakom, all personal properties in Menzgold office at Patase, all in the Kumasi be sold at a public auction.

Recently staff of Menzgold accused the management members of living extravagant and profligate lifestyles notwithstanding the company’s woes and difficulty to clear investments of customers locked up with the firm.

“Our loyalty to both company and clients led to four months with no pay so as to bring an end to this crisis while they (management) live lavishly without remorse” the staff noted in a statement.

The staff were recently asked by the CEO, Nana Appiah Mensah (NAM1) to proceed on leave until 20 December 2018, while the recently migrated online platform has also been halted.

The staff also in their statement disclosed that management members are secretly selling off assets of the company and keeping the proceeds for themselves, with the intention of relocating outside the country to enjoy their booty.

“We also wish to inform clients that management has started selling off assets for personal gain and to also settle their close friends. We confirm the travel plans of management members outside the country. Some tried and have been deported”, the staff said.



Management members, according to staff have fraudulently acquired properties such as luxury houses, schools, flashy and luxury cars and many more to dwindle the finances of the company urging EOCO to investigates them.

“It is unfortunate to say that aside from certain external forces which caused this crisis, internal misappropriation is a key factor”, they claimed.