Nana Appiah Mensah aka NAM1<\/strong><\/p>\nKWAME AKUFFO and Co., lawyers for embattled Menzgold
\nGhana Limited, have made it clear that they do not have the capacity to carry
\nout payments to the company\u2019s creditors, as stated in a press release issued by
\nthe company recently.<\/p>\n
A letter from the lawyers on Wednesday, which
\nreacted to the company\u2019s earlier release, stated, \u201cOur attention has been drawn
\nto the press release dated December 18, 2019, by Menzgold Ghana Limited (the
\nclient) in respect of the above-mentioned.\u201d <\/p>\n
It emphasized, \u201cParagraph four of the press
\nrelease is to the effect that Kwame Akuffo and Co. Unlimited (the firm) on
\nbehalf of the client has been instructed to make payments to the creditors. We
\nhave informed the client that the firm does not have the capacity to carry out
\nthe said exercise. The firm is, therefore, unable to accept instructions in
\nthat regard. Under the circumstances, we have advised the client to instruct a
\nthird-party entity to carry out the instructions in respect of the above-mentioned.\u201d<\/p>\n
Menzgold
\nDirective<\/strong><\/p>\nIn the press release issued by Menzgold Ghana
\nLimited earlier, it gave assurance that beginning Friday, December 27, 2019, it
\nwould begin paying customers their locked-up funds which have been in arrears over
\nthe past three years.<\/p>\n
But since it folded up in 2018 due to a
\nsuspension order from the Securities and Exchange Commission (SEC), Menzgold
\nGhana Limited has been going through difficulties with its attempt to refund
\nmonies invested by the customers.<\/p>\n
On Wednesday, Menzgold Ghana announced that it
\nwould disburse the locked-up funds by a payment plan it termed as \u2018reverse
\nmechanism\u2019.<\/p>\n
\u201cPayments shall be
\nmade strictly following a \u2018reverse mechanism\u2019 which implies from the last day
\n(month) of our business operations to the very day when our business commenced.
\nThus from September 12, 2019 to March 18, 2013. <\/p>\n
\u201cTo this end, we
\nshall start to settle all transactions in September 2019 and those who didn\u2019t
\naccess extra values as we proceed in the above described mode and manner.\u201d<\/p>\n
The company went on to give an assurance that
\nit was in the process of collecting debts owed the company to buttress its funds
\nto engender payment to customers.<\/p>\n
The company emphasised that all claims would be
\nmade strictly according to the announced payment schedule.<\/p>\n
\u201cPayments start on
\nFriday, December 27, 2019, with funds at hand now as we
\nproceed to recover the debt owed Menzgold overseas, especially in Dubai and
\nEurope, to come to reinforce as payments sessions continue. Claims shall be
\nsettled in full and shall be subject to an invitation from our legal team,
\nKwame Akuffo & Co.\u201d<\/p>\n
It further noted, \u201cUnlimited,
\nstrictly following the below indicated scheduled hierarchical order, all to be
\nsettled within 36 months starting from December 2019. We shall endeavour to
\ncommit not more 36 months to settle all claims, as we follow strictly all
\nreverse transactions or contracts as formed, to achieve cordial co-existence
\nand harmony.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Nana Appiah Mensah aka NAM1 KWAME AKUFFO and Co., lawyers for embattled Menzgold Ghana Limited, have made it clear that they do not have the capacity to carry out payments to the company\u2019s creditors, as stated in a press release issued by the company recently. A letter from the lawyers on Wednesday, which reacted to […]<\/p>\n","protected":false},"author":1,"featured_media":768762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-768761","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
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