Business mogul of Menzgold Nana Appiah Mensah has gone through woes following the shutdown of his company by the Exchange Commission for flouting some basic baking rules.
Here’s a man who suddenly sprouted from nowhere with loads of money and ready to help our entertainment and other facets of the Ghanaian economy.
Some individuals like the outspoken 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 indicates 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).
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”.
Thenewsgh.com will keep on bringing you the latest development of this case as you keep your fingers crossed.