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Menzgold customers beg Bagbin for help over locked-up funds

A group comprising customers of defunct gold dealership firm, Menzgold, have appealed to the Speaker of Parliament for help in retrieving their locked-up funds.

The group, on Tuesday, June 22, 2021, paid a courtesy call on Speaker Alban Bagbin to officially lay their request before him and by extension the lawmaking chamber.

The 10-man delegation led by Isaac Nyarko told the Speaker of their plight having had their monies locked up with the company following a banking sector cleanup by the Bank of Ghana which eventually led to the closure of Menzgold.

According to the group, the situation has taken a toll on them and their families and thus lamented their exclusion from the government bailout being paid to customers of financial institutions affected by the cleanup.

Background

The Securities and Exchange Commission on September 12, 2019 ordered Menzgold to cease operations including taking on new investments.

According to the SEC, its evaluation of the documentation of the gold dealership firm revealed that the company did not have the requisite permit to deal in gold and trading.

The SEC said Menzgold’s operations were in breach of Act 929 and again posed “a threat to unsuspecting and uninformed investors.”

Following the SEC’s order, Menzgold said it was unable to pay back funds belonging to its investors who have since been appealing to government for a bailout.

Government on the other hand has repeatedly turned down the request of the customers.

The CEO of Menzgold, Nana Appiah Mensah (NAM1) is currently in court facing criminal charges over his company’s operations.

 

Source: Ghanaweb

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