Frustrated clients of Menzgold should settle down to the reality that their monies invested in what appears to be a Ponzi scheme is gone, a risk analyst has said.
This comes despite promises by the failing gold dealership company to honour its obligations to their agitated customers.
The Risk Analyst, Dr. Theophilous Acheampong has told Joy News’ Newsfile Saturday “I just cannot see for the life of me how they are going to get their monies back”.
Menzgold is reported to have a client base of about 60,000 all of them promised between 7% to 10% returns on special gold collectibles bought and deposited with the company.
The scheme run for at least four years finally came to an end after the Securities and Exchange Commission (SEC) ordered the flashy company to halt its unlicensed operations.
Latest Ghana News Headlines
For today’s latest Ghana news, visit our headlines page Ghana news headlines.
Since the order last September, customers have endured no small frustration in getting the company and its socialite CEO Nana Appiah Mensah to refund their monies.
He is said to have absconded, although the company’s PRO has said he has travelled abroad to look for money to pay customers.
A warrant has been issued for his arrest whiles the police has said Interpol with presence in 194 countries will assist in apprehending the man wanted for defrauding by false pretence and money laundering.
Menzgold customers have expressed delight that the state is finally taking steps to get Nana Appiah Mensah to account for their monies.
Dr. Acheampong noted as far as refunding the monies is concerned it is “somewhat a lost cause”.
He said customers may file a class action suit on Menzgold to “see if they can recover some of their monies”.
The economic consultant joined the chorus in pointing out significant regulatory failures in watching on while the company amassed clients from bankers, top security officers, small scale miners, pensioners, entrenched workers and religious leaders.
Dr. Acheampong blamed the Registrar-General, the Bank of Ghana, the Securities and Exchange Commission for lack of proactiveness in the Menzgold unlicensed operation first brought to public attention in 2014.
Do you have a news item that should be featured on My News Ghana?
Please send to [email protected]. For advertisement enquiries, partnerships, complaints etc. please call +233 0545064096