Government in collusion with NAM1 to rob us – Menzgold clients

General news for Saturday, October 31, 2020

Source: FM class

2020-10-31

Menzgold’s clients are demonstrating on the forecourt of the Zylofon Media office.

Angry protesters are accusing the Akufo-Addo-led government of colluding with the CEO of the now-defunct company to steal their investment.

They have threatened to vote against the PNP government if the money is not handed over to them.

A customer collapsed during the demo on Saturday, October 31, 2020.

Police were on site to prevent customers from entering the Zylofon building.

The Securities and Exchange Commission (SEC) ordered the closure of the nationwide gold trading company on Thursday, September 12, 2019.

It also prevented the company from making new investments.

Additionally, the SEC prevented Menzgold from publishing or broadcasting all announcements related to his activities.

The SEC indicated that following the evaluation of Menzgold’s documentation, the company was not licensed to operate in the gold trade, citing that its operations violated Law 929 and, furthermore, posed “a threat to unsuspecting and uninformed investors.” .

The SEC had further warned in a notice on Saturday, September 7, 2019, that if the company did not comply, the Commission would enforce the directive by taking “action according to law.”

Unable to refund customer investment, NAM 1 has been dragged to court.

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

Vice President Dr. Mahamudu Bawumia told Agya Owusu on Techiman-based Link89.1 FM in the Bono East region during their recent tour that, unlike the situation where the government rescued 4.4 million depositors whose funds were blocked in some banks and institutions specialized in attracting deposits. that were collapsed by their regulatory authorities for breaches and insolvency, Menzgold’s clients are not entitled to such a bailout as they defied all Bank of Ghana warnings to do business with an unlicensed financial institution.

“Menzgold is not a licensed financial institution. We are talking about licensed financial institutions, but if you set up your 419 institution and the Bank of Ghana repeatedly warns that people should not do business with Menzgold because they were not a licensed financial institution, therefore you cannot use the money from the taxpayers to pay blocked funds from an institution other than a licensed financial institution, “said Dr. Bawumia.