Business General

Aggrieved Menzgold customers to walk to presidency Sept 12

Some aggrieved customers of the defunct gold collectable company, Menzgold, owned by Nana Appiah Mensah have served notice to walk to the office of the president to demand payment of their locked-up funds.

A spokesperson for the aggrieved customers, Fredrick Forson made this announcement while reacting to a statement by the Executive Director of the Economic and Organized Crime Office (EOCO), Maame Tiwa Addo-Danquah that Nana Appiah Mensah, popularly known as NAM1, cannot be prosecuted by the Attorney-General and Minister of Justice.

Mr. Forson speaking in an interview on Accra 100.5 FM’s mid-day news on Monday, August 22, 2022 said the customers after marching to the president’s office on September 12, 2022, “will further walk to the president’s residence to demand that our money is paid”.

He said this will happen if the president fails to direct the Minister of Finance to make payments to their various banks after two weeks.

He argued and asked why the government through EOCO has not been able to pay customers’ locked-up funds when it was the same organization that went to the High Court to seek an order to auction the properties of NAM1.

He questioned the whereabouts of the money that accrued from the auction of the properties belonging to NAM1.

“We demand to know the whereabouts of the funds?” adding that it has been some four years since the operations of Menzgold were collapsed by the Securities and Exchange Commission.

He said they have lost 183 customers owing to the government’s inability to pay up the locked-up funds.

The operations of Menzgold were shut down in September 2018 by the Securities and Exchange Commission.

The company’s operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana had primarily been for gold trading and export. However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.

Customers deposit at Menzgold have been locked out since the shutdown and can’t access their investments, leading to numerous demonstrations at its various branches to no avail.

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