Nana Appiah Mensah, has dismissed claims that he has neglected persons he owes to sign a new artiste onto his Zylofon Music record label.
In an open letter, NAM1 revealed that Menzgold and Zylofon are two different entities and that comparing the two is an “incredible display of intellectual deficiency or bankruptcy.”
NAM1 also noted that he is still paying customers whose investments got locked up in his defunct Menzgold company.
“As of now, we hold documentary evidence, clearly showing that we have paid over ninety-six (96) billion old Ghana cedis (GHC 9.6 M) even in our state of dormancy and continue to humbly make payments every now and then,” he wrote.
NAM1 has for the past few days been mauled by a section of the public after an unveiling event held in Accra on June 12, 2020, to announce the signing of a new artiste, Tisha.
People who saw videos and photos of NAM1 at the event wrote on social media that he was insensitive to the plight of the Mengzgold customers, by signing a new artiste.
In response, NAM1 stated in his latter that the only way he can pay the customers is to engage in other profitable ventures.
“In any case, if one is indebted and does not get productive, how is he or she expected to generate income to service or pay off their debt?” he asked.
The Zyfolon Music record label became moribund after their bankroller, Menzgold got closed by the Securities and Exchange Commission for not having the right documents.
The company is therefore expected to pay off all the people whose investments got stuck at the gold dealership company.