The Coalition of Aggrieved Customers of Menzgold Ghana Limited (CACM) will today April 2, 2019, begin a series of demonstrations to demand their locked up cash from the embattled gold dealership firm.
A statement issued by CACM on March 27 says its membership of close to 6,000 people will embark on continuous picketing at the Premises of the Economic and Organised Crime Office, the Securities and Exchange Commission, the Attorney Generals' Department and the Jubilee House to press home their demands.
"The action has become necessary due to state actors lackadaisical attitude to the plight of the suffering customers," the CACM statement said.
The CACM claim that 15 of their members have died due to the shock they have encountered for months with their locked up cash.
Background
Menzgold Ghana Limited is a Ghanaian gold dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments. It was founded by Nana Appiah Mensah.
The firm is reported to have initially traded as Menzbank; then changed to Menzbanc and then finally to Menzgold, due to warnings from the Bank of Ghana about the use of 'bank' as a company name for a non-banking entity.
Its operations were shut down in September 2018 by the Ghana Securities and Exchange Commission.
The company's operating license which had initially been granted in 2014, was revoked by the Minerals Commission of Ghana had primarily been for gold trading and export.
However, as reports of a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings which cautioned citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
Customers deposit at Menzgold have been locked out since the shutdown and can't access their investments, leading to demonstrations at its various branches.
In January 2019, the Economic and Organised Crime Office (EOCO) of Ghana, secured a court order to freeze all landed properties and vehicles belonging to the embattled Chief Executive Office of Menzgold Ghana Limited, Nana Appiah Mensah.
Read also:
- We will protest until we retrieve our monies-Menzgold Customers
- Menzgold saga: ¢200m locked up-Ken Ofori-Atta
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