Ex-Menzgold customers run to Speaker for help

Spread the love

The Coalition of Former Menzgold Customers on Tuesday, June 22, 2021, called on the Speaker of Parliament Alban S. K Bagbin to ask him to help them retrieve their locked-up funds with the now-defunct company.

The leader of the 10-man delegation, Isaac Nyarko, expressed worry about the impact of the closure of Menzgold on customers and their families, adding that the banking sector cleanup did not help matters.

Customers of Menzgold have been unhappy they were not included in a bailout just like the other companies that were licensed by the Securities and Exchange Commission (SEC) and collapsed with a “written letter” because their operations were contrary to their terms of the license.

Menzgold saga

The Securities and Exchange Commission (SEC) ordered the shutdown of the gold-trading firm across the country on Thursday, 12 September 2019.

It also stopped the company from taking on new investments.

SEC further stopped Menzgold from publishing or broadcasting all adverts related to its activities.

SEC indicated that upon evaluation of the documentations of Menzgold, 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 has been dragged to court.

The government says it will not use taxpayers’ money to pay depositors whose investments have been locked up in the now-defunct Menzgold Company Limited.

See also  Akufo-Addo's administration has built more roads than any other under the fourth republic.

Source: classfmonline.com

Next Post

Andre Ayew to join Turkish side Goztepe

Wed Jun 23 , 2021
Spread the loveTweet Ghana captain Andre Ayew is close to joining Turkish superlig side Goztepe, GHANASoccernet.com can exclusively report. The former Fenerbache loanee is returning to Turkey to sign a mouthwatering deal with Goztepe who are beefing their squad for the 2021/22 season, after finishing tenth last season. GHANASoccernet.com can […]
Andre Ayew to join Turkish side Goztepe