Menzgold customers storm NAM1’s residence for locked up cash

• Posted on January 8, 2020January 8, 2020
• by Nana Kwesi Coomson
• Comment

Customers of gold dealership firm, Menzgold Ghana Limited have forced their way into Trasacco Estate where the embattled company’s CEO, Nana Appiah Mensah, is believed to reside, to demand of their locked up cash.

The customers who are made up of those from Kumasi and Takoradi were prevented from entering the premises until they overpowered the security personnel.

Speaking to Citi News, the customers who say the action has become necessary due to the uncertainties regarding the payment schedule put out by the company vowed not to leave the place if Nana Appiah Mensah fails to meet them.

“Today, if Nana Appiah doesn’t pay me, I will not leave here. I am going to spend 365 days here until I get my money. I will spend all the days here. I am not going anywhere. I need my money,” an angry customer fumed.

“We are here to collect our monies. That is why we are here. We are not here to damage anything or to harass anybody. We are here peacefully for our invested monies. That is the reason we are here,” another customer stated.

Background

Since the collapse in 2018 of the troubled gold dealership company, Menzgold Ghana Limited, following a suspension order from the Securities and Exchange Commission (SEC) it has been struggling to reimburse its customers for their losses.

Management of the company later announced that it will from Friday, December 27, 2019, begin paying the customers their locked-up funds which have been in arrears for the past three years. However, this has yielded no positive results.

Customers cannot be paid

However, lawyers for the company, on December 18th, 2020  said they do not have the “capacity” to pay customers’ the locked up cash though management had instructed its lawyers to make payments to customers.

“Claims shall be settled in full and shall be subject to an invitation from our legal team: Kwame Akuffo & Co. Unlimited strictly following scheduled order,” the statement said

The lawyers, however, said it will be reiterated that they could not carry out such an instruction.

“We have informed the client that the firm does not have the “capacity” to carry out the said exercise. The firm is therefore unable to accept instructions in that regard. Under the circumstances, we have advised the client to instruct a third party entity to carry out the instructions in respect of the above-mentioned,” a statement from the lawyers said.

Spokesperson for the customers, Fredrick Forson stated that they will only cancel their decision if a meeting is scheduled between the management of the company and the customers. They vowed to kick against any payment plan that fails to promise a 100% retrieval of their locked-up investments.

-citi