What’s happening to business mogul, Nana Appiah Mensah could aptly be adapted for the silver and molded as a blockbuster movie.
Here’s a man who suddenly sprouted from nowhere with loads of money and ready to help our entertainment and other facet of the Ghanaian economy.
But apparently, he has more skeletons in his closet and series of events in recent time has shown that.
His woes began when his Menzgold Company got shut down by the Securities and Exchange Commission for flouting some basic baking rules.
Some individuals like the maverick Kennedy Agyapong, Ibrah 1 and Gideon Aduku have revealed that the NAM 1, as he is affectionately called, is a big time fraudster who should not be trusted.
A new report suggests that NAM 1 sold fake gold to Menzgold investors but made investors believe they were purchasing the original gold.
In a news item we sighted on ghpage, we got to know that chapter 2 of the contract signed between Menzgold and the investors specifies the commodity being sold to investors. Chapter 2: A States: Commodity Gold – Aurum Utallum (AU Metal).
Now, a simple google search will tell you there is no gold or precious metal called Aurum Utallum. However, Aurum Utalium (or Utallum) is a term often used by criminals who distribute fake “gold offers”. Aurum (AU) means Gold but there is no such word or mineral in Latin as Utalium.
Because the terminology “Aurum Utalium” does not and cannot represent the true gold, the word was used in courts in some countries, to defend fake gold criminal dealers, as the criminal never offered “Aurum” but “Aurum Utalium” which is the name of the fake and fraudulent yellow, shiny metal, that contained no gold inside. It is brass and alloy of several metals but never a precious metal so definitely not gold.
A “dealer” of gold that uses “Aurum Utalium” is not a dealer. A licensed dealer is forbidden by laws to misrepresent the gold as a precious metal, and every true and genuine dealer of gold knows that gold cannot be named “Aurum Utalium” but “Aurum”.
This new piece of information is a huge blow to NAM and his declining reputation.
Let’s keep our fingers crossed for more development of this case and we’ll definitely keep you posted.
Source: ghgossip.com
