Members of the Coalition of Aggrieved Customers of Menzgold on Tuesday, 27 November 2018, hit the streets of Accra to protest against the management of the gold-trading firm in demand for the payment of their full principal investments locked-up with the company.
According to them, Menzgold’s assurances to pay them an agreed 15 per cent of their principal after the woes of the company has failed, hence the demonstration.
Scores of customers of the troubled gold dealership entity who were largely cladded in red and black apparel pleaded with the government to urgently intervene to enable them retrieve their investment.
The company was asked to shut down its Gold vault trading by the Security and Exchange Commission (SEC) in August, after its brushes with SEC and BoG over the company’s operations.
The state agencies insist Menzgold does not have the licence to conduct business in the manner it was doing by paying dividend to clients.
Meanwhile, the company has shifted its operations online to replace their initial business of trading gold with customers and paying dividend at their offices.
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Please, vent your anger on BoG and SEC, the so-called regulators who slept for 5 years and woke up only yesterday to realise that Menzgold did not have a license to operate.
@Truth, you were enjoying 120% interest on your investment when the T/Bill rate was between 12-14% where do you thing the money was coming from? which business can make and pay that interest? R5 and Peram happened in Ghana some years back,if it is not greedy then what else? the higher the returns the higher the risk, they should take it like that.
When people still goat or cassava or any small thing they quickly arrest them and put them before court and if found guilty jailed. What did we see herewith SEC and BOG?. After MENZGOLD was allowed to operate in the broad day light for over 5yrs and with billboards and commercial advert all over who will not consider it to be a genuine business ? What surprises me more is the fact that SEC and BOG could quote the act and clauses in their announcement and warnings but couldn't use the same act and clauses to sue Mengold and put injunctions on their operations and freeze their account for the benefit of the investors.What a country! . And l see pple blaming those innocent investors. It is the duty of the Govt to protect every citizen against all forms of crime hence the various acts and LI which guide and direct us. so if the act is breached by a company why do u even allow the company to operate for even a month ? but this one operated for 5yrs plus l heard. In the USA the SEC sued and charged the Billionaire Elon Musk a genuine business man and founder of SpaceX and Tesla 40million Dollars for wrong tweet . Elon himself was found 20million and his company too was found 20million for a common tweet.When asked why that charges SEC said it will use it to compensate those whose shares were affected by the tweet. Why will pple not die for such a country with all they have? Those who are saying the investors are greedy should think twice and rather put pressure on the Govt to arrest the directors and owner of MENZGOLD if truly they breached the act and clauses they stated in their warnings. This should include all the collapsed banks. The ordinary worker and inverters are the ones bearing the pressures from the decisions of those untrusted to protect them. Why is SEC boss still in positions and the BOG staffs and head? this is really a banana republic.
Menzgold has never had any intention of paying a y money back. It is a ponzi scheme and the people fell for it. BOG and SEC have no hand in the collapse of mensgold. It is promoters of menzgold who have chopped the depositors monies.
Ur very silly people,some people had their monies there before the warnings,and besides what will u gain by saying all the wicked,evil comments u make here against those who have their monies locked up,haven’t u ever made some mistakes in ur lives,hypocrites and evil minded people,no wonder we are as we are,unprogressive human beings,always wishing the downfall of each other,evil spirits
It is very interesting that the very same bank of Ghana who together with SEC, caused the Menzgold saga, is now pretending to be sympathetic to Menzgold customers and gone to receive their petition. Are the bank of Ghana, SEC and NPP government planning to seize, loot and share the properties, investments and assets of Menzgold? Time will tell!
You were warned on many occasions by the Bank of Ghana not to deal with them but you still did all because of your greediness. What were you thinking? I swear I will go to court if anyone there try to use my tax money to pay for your greediness.