The Aggrieved Customers of Menzgold have been waiting patiently for six long years, holding onto hope that they will finally retrieve their locked-up funds. Fred Forson, the spokesperson for these customers, expressed their confidence in recovering their money during an interview on Ahotor 92.3 FM‘s morning show, ‘AdeKyee Mu Nsem,’ hosted by Citizen Kofi Owusu. Forson emphasized that the government must ensure they receive their funds since they are citizens who invested in Menzgold, and the government’s actions led to the bank’s collapse.
“Our members are suffering immensely, some even resorting to drastic measures like suicide due to the financial strain caused by the locked-up funds,” Forson lamented. “But we remain hopeful that after six years of waiting, justice will prevail, and we will finally receive our hard-earned money.”
The troubles for Menzgold began on September 12, 2018, when the Securities and Exchange Commission (SEC) ordered the company to cease all investment operations immediately. This directive came as a result of Menzgold’s violation of the Securities Industry Act, of 2016 (Act 929). Additionally, Menzgold was instructed to stop advertising its investment business and refrain from entering into new contracts with depositors.
In a letter addressed to Nana Appiah Mensah, the CEO of Menzgold, the SEC highlighted that their investigations revealed Menzgold’s business activities, which involved the purchase and deposit of gold from the public and offering guaranteed returns through contracts, constituted a capital market activity requiring a valid license from the SEC.
Paul Ababio, the Deputy Director-General of the SEC, emphasized in the letter dated September 7 that failure to comply with the directive would result in the SEC employing other legal measures to ensure compliance. Despite these regulatory actions, the plight of the aggrieved customers has remained unresolved, leaving many in dire financial straits and hoping for a resolution to their predicament.
LISTEN TO FRED FORSON IN THE AUDIO BELOW:
Story by: Emmanuel Romeo Tetteh(#RomeoWrites) / Ahotoronline.com
