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General news for Saturday, September 12, 2020
Source: Class FM
2020-09-12
CEO of Menzgold Ghana, Nana Appiah Mensah (NAM 1)
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Menzgold Chief Executive Officer (CEO) Nana Appiah Mensah has announced that, as a gesture of goodwill to clients of the disputed gold distributor, 500 residential plots have been reserved for them.
He made the announcement via Twitter on September 12, 2020 in commemoration of the two years since the Menzgold collapse.
In recounting the measure of pain caused by “many losses”, NAM1, as it is also called, noted that “refreshingly, we celebrate many successes.”
According to him, one of those hits is Zylofon Hills.
He explained that Zylofon Hills is a modern smart city “imagined” in sight.
He tweeted: “On September 12, 2018, in hindsight, we are hurt by the many losses we count. Refreshingly, we celebrate many successes. We commemorate it today with more than 4,000 plots PROVIDED for a new smart city that is coming. As a gesture of goodwill, 500 residential plots are reserved for Menzgold clients. “
The 4,000-parcel capacity smart city will contain a helipad, a sports complex, a business complex, a golf course, a water park, a sports stadium and a solar power station.
Zylofon Hills will also feature a shopping arcade, music museum, movie village, recording studio, movie theater, gym, pool walk of fame, and subway station.
In hindsight, September 12, 2018, we are hurt by the many losses we count. Refreshingly, we celebrate many successes. Today we commemorate with more than 4,000 plots PREVISTA a new smart city on the way. As a gesture of goodwill, 500 residential plots are reserved for Menzgold clients. ???????? pic.twitter.com/oRL3RJSQCv
– Nana Appiah Mensah (@nana_appiah_m) September 12, 2020
Meanwhile, a High Court in Accra imposed an interim injunction on a demonstration planned by the Coalition of Aggrieved Customers of Menzgold Ghana Limited in commemoration of two years since the company’s collapse.
The Inspector General of Police (IGP), Mr. James Oppong-Bonuah, presented an order to prohibit the celebration of the planned event.
In the order issued on September 11, 2020, the court noted that: “Defendants, Menzgold Ghana Aggrieved Clients Coalition, Isaac Nyarko and Fred Forson are hereby ordered to refrain from the demonstration scheduled to commemorate two years Collapse of Menzgold Company “.
The Menzgold Coalition of Ingrained Clients had announced a wreath ceremony in memory of the more than 64 clients who lost their lives due to their blocked investments in the gold distribution company.
The wreath-laying ceremony was to be part of the activities to commemorate the second anniversary of the company’s collapse on Saturday, September 12, 2020.
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 after evaluating Menzgold’s documentation, the company was not licensed to trade in gold, citing that its operations violated Law 929 and also 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.”
The Menzgold Coalition of Aggrieved Customers recently said the government should add its members to the list of victims of the financial sector cleanup, who are expected to benefit from a government-sponsored bailout.
“We write on behalf of members of the Coalition of Aggrieved Clients to request that clients of Menzgold Company Limited be among the beneficiaries of the rescue fund for depositors of institutions collapsed by the Securities and Exchange Commission,” said aggrieved clients of Menzgold in a statement released over the weekend.
The government bailout is primarily aimed at clients of some 53 fund management companies that also collapsed.
The clients of twenty-two of the 53 companies are expected to be the first beneficiaries.
In total, a total of GHS16.4 billion is expected to go to the rescue.
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