The Financial and Economic Crime Division of the Accra High Court has given the Economic and Organised Crime Office (EOCO) specific authorisation to auction properties belonging to embattled businessman and owner of defunct Menzgold Ghana Limited, Nana Appiah Mensah, popularly called NAM1.
This was after the Director of the Economic and Organised Crime Office (EOCO) had moved a motion for the property to be auctioned.
Counsel for Executive Director of EOCO, Abu Issah, on Monday, moved the application for the auctioning of some properties of Menzgold and NAM1, which was filed in November last year.
The order came in response to EOCO’s plea to the court for authorisation to auction the insolvent company’s assets.
Companies such as Brew Energy, G-Tech Automobile Service, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, and Zylofon Music and Media Company Limited, according to the court presided over by Justice Afia Serwah Asare-Botwe, ordered the listed property to be sold together with their assets.
The court also ordered the freezing of two properties in plush Trassaco Valley in Accra, an incompleted residential house and 510 acres of land purportedly owned by NAM1.
In January 2019, EOCO froze some accounts of the embattled Chief Executive Officer of Menzgold after he was arrested and charged before a Circuit Court, also in Accra, following complaints by customers claiming to have their funds locked up at Menzgold.
EOCO also froze some landed properties belonging to the CEO and his firms, and then directed all of its regional directors to look out for such assets in the various regions where Menzgold and its related businesses operated.