Menzgold customers besiege EOCO, demand liquidation of NAM 1’s seized assets


Hundreds of aggrieved customers of defunct gold dealership firm, Menzgold Ghana Limited on Tuesday picketed in front of the office of the Economic and Organised Crime Office (EOCO).

They demanded the liquidation of the seized assets of the company.

According to the customers, the government institution has not been able to come clear on the state of the seized properties.

EOCO early in 2019, secured a court order to freeze properties of Menzgold Ghana Limited as well as seven other associated companies including Menzgold’s Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and media company, Brew Energy Company Limited, G- Tech automobile service.
In an interview with Citi News, a spokesperson of the group, Godfred Ankomah called on EOCO to appoint a liquidator to oversee the equitable payment of their investments.

“We are aware they [EOCO] have seized some assets so we want quick liquidation. People are going through a lot of hardship so EOCO should facilitate their process so that assets of NAM 1 are liquated so that people get their monies. We are also calling for transparency, at least we should know what they have seized. In case if the assets are going to be liquidated, a committee should be formed which Menzgold customers should be part. We don’t want a situation where assets will be sold among top officials at a cheaper rate.”

“So far, the way EOCO has handled the whole issue is a bit sluggish and lackadaisical in approach. It to took customers to picket before we started getting information, it shouldn’t be so. It is almost a year since this thing happen and till now, there is no way forward. The seizure of the assets happened long ago, yet no one is giving us any information. They should disclose all information because people are dying”, he added.

EOCO’s freezing of Menzgold properties good news’ – Amanda Clinton

Earlier, lawyer for the customers, Amanda Clinton, described as welcoming the confiscation of Menzgold’s assets by EOCO because to her it was the first real confirmation from a recognized state body and the Government of Ghana that Menzgold Ghana engaged in some fraudulent dealings.

She said “it is certainly good news” for Menzgold customers in their quest to retrieve their locked up investments.

“This is the first real confirmation from a state body and the government that a crime has been committed, because before people had labeled it, but when Menzgold took the SEC to court, the matter wasn’t determined in terms of a fraud that had been committed. So this is the first time a court has been made that clear… So that’s very good.”

Menzgold customers on edge, claim 15 members have died

The customers have also said 15 of their members have died.

According to them, the deaths are as a result of their inability to retrieve their monies from the troubled firm.

Frederick Forson, a member of the coalition of aggrieved customers of Menzgold told Citi News, the government must furnish them with details of work being done to retrieve their monies for them.

“We want the government to tell us about the work they are doing in respect of our locked up funds. According to EOCO, they are more or less finished with the work that they are doing. It is left with the Attorney General who has the power to go to the court for a litigation order.”

“We want the government to give us the official briefing as to what they are doing. As we said in our statement, 15 of our members are already gone. Last week, we buried one of them in Tema so we want the government to come out with the payment plan, he added. 

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