The Akufo-Addo led government has stated categorically that they are not going to refund monies owed customers of troubled gold dealership firm; Menzgold in as much as 'we sympathise with them'.
According to government, customers were warned as far back as 2016 not to invest with Menzgold but those warnings were disregarded.
“While government sympathizes customers on the difficulties encountered with their transaction with the company, the state cannot and will not resort to the use of taxpayer’s monies to refund customers monies...Menzgold was not licensed by BoG or SEC and its operations were not regulated by BoG or SEC. This warning was made as far back as April 2016, and, unfortunately, was disregarded by many customers of Menzgold. BoG and SEC are, therefore, not clothed with any legal mandate to refund monies clients” a statement from the Information Minister, Kojo Oppong Nkrumah said.
The customers "whose contractual obligations have not been met by the company" according to government "are entitled to seek a legal remedy to retrieved their funds paid to the company" and assured that security agencies “shall employ all the powers of the state to find the accused persons investigate the allegations and ensure that the law takes its course in this matter.”
Read full statement below
GOVERNMENT’S POSITION ON THE MENZGOLD SAGA
Government has taken note of recent agitations, demonstrations and media complaints by some aggrieved customers of MenzGold, after the company failed to meet its contractual obligations to them.
It must be put on record that the regulators of our nation’s financial services sector, namely the Bank of Ghana (BoG) and the Securities and Exchanges Commission (SEC) had, on numerous occasions over the years, warned customers of MenzGold to desist from investing monies in the company, as it was not a licensed deposit or asset management company.
In all of these instances, the company and, indeed, some of its customers, responded with explanations that they were not in the business of deposit or asset taking but were rather a gold trading firm.
The aftermath of this has seen the company reneging on its contractual obligations to its customers, resulting in demonstrations by its customers. Indeed, some customers have called on government to refund their gold or expected profits to them.
Others have also called on government to, on its own, arrest the directors and operators of the company. and compel them to refund customers gold or deposits to them.
Government seeks to draw the attention of the general public and, in particular, Menzgold customers to the following:
1. Menzgold was not licensed by BoG or SEC and its operations were not regulated by BoG or SEC. This warning was made as far back as April 2016, and, unfortunately, was disregarded by many customers of MenzGold. BoG and SEC are, therefore, not clothed with any legal mandate to refund monies to clients.
In the case of banks and specialized deposit-taking institutions, as well as asset management companies licensed and regulated by BOG and SEC. owing to the fact that these companies were regulated by BoG and SEC, the regulators are clothed with the legal mandate to intervene in their matters, in accordance with law. DKM, for example, was licensed by the BoG, the reason for which it stepped in to help retrieve the monies of depositors. In the case of Menzgold, it operated as a trading company and falls outside the scope of the regulators’ intervention;
2. Customers whose contractual obligations have not been met by the company are entitled to seek legal remedy to retrieve their funds paid to the company ostensibly to buy gold. Indeed, some customers have exercised that legal mandate, and have either filed writs in the courts to retrieve their monies or reported the company and its directors to the security agencies on the suspicion of“Defrauding by False Pretenses”.
The Ghana Police service has, subsequently, issued an arrest warrant pursuant to these reports, and has, accordingly, informed Interpol to assist in the search for and arrest of Nana Appiah Mensah and two others to help in police investigations. We encourage aggrieved customers to join such actions;
3. On no occasion has President Akufo-Addo endorsed the operations of Menzgold or its directors. Government has also not aided the operations of the company, as is being bandied about by officials and members of the National Democratic Congress (NDC). Attempts by the NDC to take advantage of the pain and loss of victims is shameful, appalling, and smacks of political desperation. Indeed, suggestions that all public figures who have been sighted in photos with officials of the company are complicit in the company’s dealings are laughable and underline the insensitivity of such political actors to the ongoing situation.
It cannot be said that traditional, religious, entertainment, business and political figures who took photographs with officials of the company are complicit in their operations and the alleged fraud perpetuated on customers.
Such suggestions reduce the serious misfortune of customers to cheap ridicule and are distasteful. Additionally, attempts by leading members of the opposition NDC to claim that the company commenced its operations in 2017 and, thus, the current administration ought to be blamed for the misfortune only exposes the desperation of the opposition party. MenzGold, for the records, begun its operations as far back as 2013.
4. It must also be put on record that President Akufo-Addo has never endorsed the company, its officials nor its operations. Indeed, the President has NEVER posted any tweet on his official Twitter handle expressing his admiration for the “success story” of Nana Appiah Mensah. It is also important to debunk the NDC’s use of a photograph taken at Jubilee House, where Nana Appiah Mensah is seen. In that photograph, officials of the GFA and CAF, including its President, Ahmad Ahmad, paid a courtesy call on President Akufo-Addo on 25" April, 2018, a day before the University of Professional Studies, Accra (UPSA), was to confer an honorary doctorate degree on the CAF President.
The then GFA President, Kwesi Nyantekyi, invited Nana Appiah Mensah to that meeting because his company, Zylofon, on the 21" of April, 2018, 4 days before the meeting, had signalled its intention to sponsor the Ghana Premier League. The President NEVER had a one-on-one meeting with Nana Appiah Mensah as the NDC would want Ghanaians to believe. Again, the company and its officials have NEVER been part of any government delegation accompanying the President on any presidential visit. Speculations that the company acquired 85% of its clients in the last 24 months are also an obviously cheap attempt to link government to a very unfortunate situation;
5. While government sympathizes with customers on the difficulties encountered in their transaction with the company, the State cannot and will not resort to the use of taxpayer’s monies to refund customers monies.
6. Government wishes to inform the general public that the security agencies, having received reports from customers that they believe they have been defrauded by false pretences, shall employ all the powers of the State to find the accused persona, investigate the allegations, and ensure that the law takes its course in this matter.
Signed
Kojo Oppong Nkrumah
Minister.
Source: Peacefmonline.com
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When the current management of Bank of Ghana spotted this error and were trying to rectify, we have these LUN4TICS at Adom FM Dwasonsem (morning Show) led by that curupt Captain Smart and those VILL4GE CHAMPIONS from Brong Ahafo notably Afia Boakyewaa Yiadom portraying it to be witch hunt. The fact that you have a microphone in front of you does not mean you have the wisdom to speak on all matters. I wish they could hear themselves after each show to hear how FOLLY they sound. It’s as if there’s no management at Adom FM. You have all sorts of individuals speaking with no wisdom at the station.
I agree with with at all levels. Whiles we in abroad send them money out of our hard sweat, they still complain there's no money and ask for more yet are able to gather billions only be given away just like that? Anyone who pays them out of our taxes will be c=rsed one time!
Every well meaning Ghanaian should rise up against govt using our scarce taxes to pay these gamblers. I have few questions to ask: 1. How much tax did those who benefit from this scheme pay to the national coffers ? 2. Hitherto this burst, most people were crying there is no money in the system; where did they suddenly get the huge monies to "dish out" ? 3. Did these gamblers not read the same warning I also read when someone convinced me to gamble too ? REMARKS: I wouldnt call them gr33dy "b*st*rds" but this is another lesson telling all of us to Read Wide, Seek Counselling, Be Content and not Reap where Not Sown, and Finally bear in Mind Risk as well as Lost are part all of Life.
THIS IS BEST AND A FIRM DECISION, THOUGH ITS DISTASTEFUL TO THE CUSTOMERS. BUT THEY HAVE BEEN WARNED EARLIER TO DESIST FROM INVESTMENT INTO SUCH FALSE PRETENCE COMPANIES. MY INTAKE
419 NPP Government where are you am here. Nana Addo
THIS IS THE BEST GOVERNMENT THAT GHANA EVER HAD!!!!! CANNOT EVEN BE COMPARED TO THE COLONIAL GOVT. TWEEEEEAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!!!
Why did you pay DKM customers? Menzgold became big when you came to power and they operated without a license. You waited till too many people got involved. You guys took money from foreigners who wanted to buy our up and coming banks and then you bundled menzgold together with legit banks and hanged all of them together in the sun to dry. Look at what you've done to nduom. You guys are so jealous of the man you just destroy his businesses. Ken Oforiata can never compare himself with nduom, nduom has and will always be above you. If all these investment houses are collapsing why is your data bank standing? Why is cal bank standing? No one needs to go after Nana Addo and his fiance minister for destroying the financial sector, Rawlings did the same thing when the white tiives advised him to close down indigenous businesses and kill the owners and chase them away. Massa it is only Rawlings who knows how he feels, I bet you no one wants to live like that, such people know the kind of demons they contend with. Let leave Nana Addo and his family to enjoy their demons.
Who wrote this statement source peacefm? You mention the President by his name and his administration and you call John mahama his excellency? is see your double standard and stu*pidity? I have no problem with that because he even prefer his Nana to that title but the way this same medium used to hype John mahama during his time and even incompetent in opposition makes me go nuts! like people are so coward that they have some people they must sing praises and others just let's leave it as it is! Your hypocrisy will lead you to failure like your boss Mahama! Onyame betua moka baako baako the way you live your lives in Ghana with untruths and dishonesty!
Afia Owusuaa, NPP is not a failed govt. Your greed has put you at where you are. And the Govt. has not declared NAM1 wanted its a court after some customers of Menzgold appealed to it. To know your true lost deduct your profit from your invested amount, if its less than your invested amount then its a loss. However if its more than your invested amount then ***barred word*** and suffer for you have gained. I know someone who was putting up a structure in his hometown so he put a certain amount of money with MENZGOLD, so anytime he gets the interest it goes straight to the project. He has finished the project with only the interest received and had extra for furnishing, so he is not bothered after loosing the principal which according to him could not have completed the project.
Thank you Mr Minister for the succinct and open manner you have set the records straight. Let those discerning enough take note and make $en$e for themselves and let those who choose to follow the crowd without objectivity and attempt to use so the called God dam-ned elections are around the corner bu11 $h1+, wallow in their ignorance and $tu---p1d1+y. It's only in Ghana that when you knowingly enter into a private contract with a business, make and keep your profit and when there are loses, you expect the government to use taxpayers money to pay you instead of going to court to get the assets of the business towards your loss. NKW$!A SEM ARAKWA. Yet we think we are the best in Africa when it comes to knowledge. Even the mighty USA with all their money and ability to a build wall as requested by Kwaku Trump, are refusing to to part with $5 billion because it is sheer waste of the tax payers money. Vote for NDC and follow their misdirected opportunistic n0n£$£N$£ for all i care. We as a country needs to be serious. Thank you Mr Minister. Enough and to hell with all you m-udda F-u-+ck£r$ who think the taxpayers money s best served paying for some peoples' f0-01hardy greedy misadventure.