The empire of embattled proprietor of gold dealership company, Menzgold, Nana Appiah Mensah appears to be crumbling with the announcement by Zylofon Media to cease operation. Zylofon Media operators of Zylofon FM and TV says it is suspending operations indefinitely in compliance with an Accra High Court’s order granted to the Economic and Organized Crime Office (EOCO) to secure all assets of Menzgold and its Chief Executive Officer (CEO) Nana Appiah Mensah popularly called NAM 1.
On Tuesday, January 29, 2019, EOCO issued a press statement announcing that it had been granted an order to secure all assets of NAM1.
Some of the assets seized by EOCO are Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Zylofon Music and Media Company Limited, Brew Energy Company Limited.
The order to secure all the assets is due to Menzgold inability to pay its customers who are reportedly numbering about 46,000. The Menzgold boss is already cooling off in detention in Dubai over similar gold deal that had gone bad. Some of his clients back home in Ghana are agitating for the payment of their locked up investments.
The company is said to be owing its clients about $42 million after it succeeding in having them to invest in its gold collectibles trade which the Securities and Exchange Commission (SEC) raised concerns over Menzgold alleged illegal deposit-taking in gross violation of the Bank and Specialized Deposit-Taking Act.
In a statement following the announcement of the court order, management of Zylofon Media explained that they were suspending operations effective January 30, 2019.
The statement signed by Zylofon Media Communications Manager, Samuel Atuobi Baah, says “being a law-abiding entity, we expect that due process be facilitated to restore sanity.”
It adds that “management of the station is grateful to all for the love and support shown us throughout the 13 months of operations as a broadcast firm.”
Zylofon Media and Music, a subsidiary of Menzgold – which is owned by NAM1 who is under arrest in Dubai $51 million alleged fraudulent gold deal with an Emirati firm – emerged onto the entertainment industry in Ghana in a surprisingly rapid manner, signing some big music artistes like Shatta Wale, Stonebwoy, among others.
It also succeeded in baiting some top journalists and show hosts with ‘juicy’ cash rewards to have them join its fold.
But within less than two years of operations, the station is apparently set for collapse.
Reggae artiste and host of popular Taxi Driver Show Zylofon FM (102.1), Blakk Rasta was the first to drop the hint of the crisis at Zylofon when announced his exit with his final show on, Tuesday.