Menzgold customers give gov’t three-day ultimatum over locked up cash

• Posted on February 5, 2019
• by Ellsamwise King
• Comment

A group calling itself Coalition of Aggrieved Customers of Menzgold Ghana Limited has given the government a three-day ultimatum to furnish it with a detailed plan for the retrieval of monies of its members from the troubled investment company.

The group has given the government until Thursday, February 7, 2019, to provide the plan.

The group further called for a consideration of the use of taxes to reimburse people whose monies are locked up with the company.

Some of the customers who spoke to Citi News’ Kojo Agyeman at a press conference said they feel neglected by the government.

“We intend to embark on a number of demonstrations in this country, regarding this Menzgold saga. We want to let the government know that until this matter is resolved, we are not going to sit on the fence, for our hard earned investment to go waste. That is why we are giving government this ultimatum.”

“After this press conference and government doesn’t come up with a concrete solution, it will not be well; we are going to embark in series of protest because there have been instances where the government has used state funds to salvage collapsing banks own by private individuals,” one customer said.

Background

Hundreds of Ghanaians are unable to retrieve their investments in Menzgold, and some have gone to court to seek redress.

This was after Menzgold was asked by the Securities and Exchange Commission, SEC, to stop it’s business because it was illegal.

The company has since then struggled to pay its clients, giving credence to suggestions that the CEO of the company, Nana Appiah Mensah popularly known as NAM 1, was running a ponzi scheme.

There’s an existing arrest warrant for NAM1 after it emerged that he had breached his bail conditions and fled the country.

Although he’s said to have been arrested in Dubai in the first week of December 2018, news of his arrest became known in early part of January 2019, after the warrant had been issued for him.

His arrest in Dubai is believed to be in connection with a gold deal worth millions of dollars that have gone bad.

He is to be available in Ghana after he completes his trial process in Dubai.