Ghana News

Menzgold customers beg Speaker to help them retrieve their locked up funds

The Coalition of Former Menzgold Customers on Tuesday called on Speaker of Parliament, Alban Bagbin, as they continue a troubled campaign to retrieve their locked-up funds.

When they visited the Speaker on June 22, 2021, they begged him to help them to get their money back from the now-defunct company.

The leader of the ten-man delegation which called on the Speaker, Isaac Nyarko, outlined the profound impact the closure of Menzgold has had on customers and their families.

He said the banking sector clean up further worsened their plight.

The plight of the now-defunct Menzgold customers started when the Securities and Exchange Commission (SEC) ordered the shutdown of the gold-trading firm in 2019.

SEC said the company was not authorised to do the type of business it was engaged in.

The SEC also stopped the company from taking on new investments and publishing or broadcasting all adverts related to its activities.

SEC indicated that upon evaluation of the documentations the company did not have the license to deal in gold trading, citing that its operations breached Act 929 and as well, posed “a threat to unsuspecting and uninformed investors”.

SEC had further warned in a notice on Saturday, 7 September 2019, that if the company failed to comply, the Commission enforces the directive by taking “measures under the law.”

Unable to refund customers’ investment NAM 1 was dragged to court where the matter is being heard.

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