Two of the media companies belonging to Nana Appiah Mensah, CEO of the failed gold dealership company, Menzgold, have suspended operations.
Zylofone FM and Zylofone TV have suspended services because the Economic and Organised Crime Office (EOCO) has obtained a court order to freeze all assets belonging to Mr Mensah.
In a release issued on Tuesday, Communications Manager of Zylofon FM and Zylofon TV, Samuel Atuobi Baah, he said the two media networks will from January 30, 2019, suspend their operations.
“Owing to the order by the Economic and Organised Crime Office (EOCO) dated 29th January and signed by Jacqueline Avotri (Public Affairs), to have all assets of Nana Appiah Mensah frozen, the general public is hereby informed that Zylofon FM and TV will suspend operations effective 30th January 2019,” the statement read.
The statement added further, “Being a law-abiding entity, we expect that due process be facilitated to restore sanity. Management of the stations is grateful to all, for the love and support shown us throughout the 13 months of operations as a broadcast firm.”
EOCO revealed on Tuesday that it has secured a court order confirming the freezing of assets of Menzgold and other related businesses belonging to Nana Appiah Mensah, known popularly as NAM 1.
EOCO in the release advised family members of NAM 1, who is now a wanted fugitive, and his associates in possession of such properties to submit them to their EOCO in their own interest.
“By this news release, all employees of the affected companies, relatives and friends who are in possession of any of such properties are to surrender same by the authority of the high court to the Economic and Organized Crime Head Office and Regional Offices in their own interest.
The statement warns that “Failure to do so will constitute contempt of court which will attract the appropriate sanctions,” the statement said.
The listed properties belonging to NAM 1, according to EOCO, include Landed Properties and Vehicles of Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited as well as G-Tech Automobile Service.
The rest are Two (2) properties located at Trassaco Valley (Plot No. 315 and Plot No. 337), Plot of land (No. 54) near Oak Street- Trassaco Valley, Uncompleted Residence and 510 acres of land.
NAM 1 was arrested in the United Arab Emirates in December 2018 for allegedly defrauding a business partner.
He has been declared a wanted man by a Circuit Court in Accra following similar accusations by some 60,000 persons who invested in his Menzgold firm, which has been described as experts as a Ponzi scheme.