Menzgold Saga: Ghanaians would still invest with Menzgold if it should resume work today – Manasseh

General News of Thursday, 10 January 2019

Source: www.ghanaweb.com

2019-01-10

Investigative Journalist, Manasseh Azure

Investigative Journalist, Manasseh Azure has said amidst the cries of clients of the embattled gold collectibles firm, Menzgold, some Ghanaians would still place their investments with the company if it were to resume operations in Ghana today.

Manasseh Azure made this assertion in a facebook post on his wall Wednesday evening.

The post read, “If Menzgold were opened today and taking deposits amidst this storm, some people would still go and invest”.

His comment comes on the back of a bench warrant for the arrests of the Chief Executive Officer of the troubled gold dealership firm and two others for allegedly defrauding unsuspecting investors.

The Central Bank on a number of occasions last year made announcements warning Ghanaians against investing in the said company insisting the company did not have the license to take deposits.

The Bank of Ghana went on to suggest that the company’s operations were illegal.

The Securities and Exchanges Commission also raised issues with the modus operandi of MenzGold, and subsequently ordered the gold dealership company to suspend the part of its operations that involved deposit-taking.

The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”

The said action by SEC got a number of investors of the company worried, leading to scores terminating their contracts with the company and demanding their monies and accrued interests.

A number of them besieged the companies offices in Accra and Kumasi in protest of their locked up funds.

They are yet to receive those monies several months down the line and after several failed promises by the company to pay back the said investments.

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