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06.01.2020 Business & Finance

Menzgold Customers Storm Police Headquarters Over CID’s Invitation

By News Desk
Menzgold Customers Storm Police Headquarters Over CID’s Invitation
LISTEN JAN 6, 2020

Some customers of gold dealership firm, Menzgold Ghana limited are massing up at the Criminal Investigations Department (CID) headquarters in solidarity with some of their colleagues who have been invited for questioning by the CID.

One of the customers who was invited on January 2, 2020 told Citi News he was charged with offensive conduct and asked to report to the CID office today Monday, January 6, 2020.

Another one identified as Nana Kissi is expected to meet with CID officers over some comments he made on Accra based radio station, Adom FM.

A spokesperson of the Coalition of aggrieved customers of Menzgold, Fredrick Forson indicated that the comments made by his colleagues do not warrant such invitations.

“We had expected that we could call the leadership and say that caution your people to speak well or maybe some of the statements were not good but as we speak now we do not know where the error is so we are all here to attend to the call.

“We are also calling on the state, the Attorney General, the Minister for National Security to respond to our petition that we presented on the 17th of August in which we called for a tripartite committee for us to sit down and resolve the issue because we do not understand why in the case of the rural and other microfinance and even the local banks that were collapsed, the government thought it wise to ensure that depositors' investments are paid to them before they went about with the criminal prosecution and all that but in the case of Menzgold, they are rather doing the opposite,” he said.

Background

The company since its collapse in 2018 following a suspension order from the Securities and Exchange Commission (SEC) has been struggling to refund monies invested by the customers.

Menzgold had announced earlier that it will from Friday, December 27, 2019, begin paying customers their locked up funds which have been in arrears for the past three years.

Management also assured that it is in the process of retrieving debts owed the company to shore up funds in other to pay its customers. Customers cannot be paid

However, lawyers for Menzgold Ghana Limited have said they do not have the “capacity ” to pay customers' locked up cash.

Menzgold in its statement dated 18th December 2019 had instructed its lawyers to make payments to customers.

“Claims shall be settled in full and shall be subject to an invitation from our legal team: Kwame Akuffo & Co. Unlimited strictly following scheduled order,” the statement said.

The lawyers, however, said it will be unable to carry out such an instruction.

“We have informed the client that the firm does not have the “capacity” to carry out the said exercise. The firm is therefore unable to accept instructions in that regard. Under the circumstances, we have advised the client to instruct a third party entity to carry out the instructions in respect of the above-mentioned,” a statement from the lawyers said.

Customers of the defunct firm have also vowed to kick against any payment plan that fails to promise a 100% retrieval of their locked up investments.

A spokesperson for the customers, Fredrick Forson indicated that they will only rescind their decision if a meeting is scheduled between the management of the company and the customers.

—citinewsroom

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