MenzGold Managers Blew Cash On Luxury

The staff of MenzGold have reopened calls for a massive investigation into the financial activities of the whole management of the Gold investment firm.

The Staff have partly blamed the collapse of company on the fraudulent activities by top managers who have acquired luxurious properties.

They are therefore inviting the Economic and Organised Crime Office (EOCO) to probe the whole Menzgold saga.

The woes of the company which began in August 2018 after the Securities and Exchange Commission (SEC) asked it to suspend its gold trading operations with the public seem to be to be far from over as no proper consensus have been reached by the parties involved.

The company's aggrieved customers have since been on their toes and hit the streets in November to protest the company's failure to settle them.

But a statement released by the staff who have been asked to proceed on leave as result of these troubles, said they have been working for four months without pay.

They are also being denied information by management on the issue of client settlements, but their own probing has led to some of these purported revelations.

According to them, despite the regulatory breaches, a contributory factor to the heavy toll on the company's funds is the illegal manner management members obtained flashy properties to show off.

“It is unfortunate to say that, aside the external forces which caused this crisis; certain internal misappropriation is a key factor. Management members have fraudulently acquired properties such as luxury houses, schools, flashy and luxury cars and many more, to dwindle the finances of the company. We therefore wish that EOCO investigates them.”

“It is also sad to note that, whilst staff believed in the products of the company, Management members did not. An investigation into the trading pattern of management showed they had very little transactions even as compared to most staff who also invested heavily into the company. Some comments of some management members such as 'I have acquired enough to live a good life should the company fold up' and many more in recent times, depict their intention’ the statement added.

Menzgold managers trying to flee Ghana; some were deported – Staff allege

They also claim some of their management have tried to flee the country as clients agitate for their locked up funds.

The staff added that 13 of the management members, the names of whom they listed in their statement, tried to leave but were prevented.

“We confirm the travel plans of management members outside the country. Some tried and have been deported,” the staff said in a statement.

Menzgold management conniving to secretly pay 'close friends' – Staff

Staff of Menzgold Ghana Limited also accused management of conniving with some persons within the government to secretly pay off selected clients of the company.

“We confirm that Management members are secretly paying off clients without a proper schedule and with assurances to other clients. This makes their act suspicious, and unfair whenever money is made available.

“Powers in governance are aiding persons to retrieve funds but these same powers are reluctant in seeking the best solution for all,” the staff added in the statement.

Among other things, they said, “management has started selling off assets for personal gains and also to settle their close friends.”

High profile Menzgold customers silent due to stigma – Customers reveal

Members of a group calling itself Aggrieved Menzgold customers have revealed that some well-known individuals and institutions in the country who are customers of Menzgold are not speaking up due to the fear of stigmatization.

In an interview on Citi TV's Point of View show with Bernard Avle, three bold customers who agreed to share their experiences with the company said they know certain high profile people in society who have their monies locked up with Menzgold but cannot agitate or speak up for fear of being ridiculed and criticized.

“So you feel there are a lot of respected people who don't want to come out to say anything because they are afraid,” Host of the show, Bernard Avle asked.

“Oh yes, a lot.” – all three Menzgold customers on the Point of View said almost simultaneously.

---CitinewsRoom