Zylofon FM and Zylofon TV have suspended operations following an order from the Economic and Organised Crime Office (EOCO) for all assets and properties of Nana Appiah Mensah (NAM1) to be frozen.
“Owing to the order by the Economic and Organised Crime Office (EOCO) dated 29 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 30 January 2019,” a statement signed by the Communication Manager of Zylofon FM and Zylofon TV, Samuel Atuobi Baah said, adding that: “Being a law-abiding entity, we expect that due process be facilitated to restore sanity.”
EOCO, in a press statement on Tuesday, 29 January 209 said it had secured a court order to freeze the properties and assets of Menzgold Ghana Limited as well as other associated companies belonging to the CEO of the embattled gold dealership firm, Nana Appiah Mensah.
The statement signed by the Head of Public Affairs of EOCO, Jacqueline Avotri, said the affected companies include Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and Media Company, Brew Energy Company Limited, G-Tech automobile service.
EOCO also listed two properties located at Trassaco Valley (Plot no. 315 and plot no. 337) as well as a plot of land near Oak Street at Trassaco Valley and an uncompleted residence and a 510-acre land.
“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 Organised Crime Head Office and Regional Offices in their own interest. Failure to do so will constitute contempt of court, which will attract the appropriate sanctions,” the statement added.
Menzgold has not been able to pay its several thousands of clients their extra values and principals since August last year after Ghana’s Securities and Exchange Commission shut the company down over regulatory infractions.
The troubled company’s 34-year-old CEO has been arrested in Dubai for allegedly engaging in fraud in a totally different case.
Customers of Menzgold whose investments have been locked up have called on the government to help them retrieve their funds.