Thursday, June 20, 2024

We can’t guarantee refund of locked up Menzgold customers’ cash – SEC

Customers of Gold dealership company Menzgold should not expect their monies any time soon as the Securities and Exchange Commission (SEC) has said it cannot guarantee the refund of such locked up cash.

Speaking at a press conference on Tuesday, Director-General of SEC, Rev. Ogbamey Tetteh said not much can be done for Menzgold customers.

[contextly_sidebar id=”o75BrBygvFvbTm1guCwtnqnx4YA4RaLi”]”The truth is that we don’t know the exact quantum of money they mobilized. I think they [customers] can hope for the best but no one can give them any guarantee. Certainly, SEC is not in any position to be refunding lost investments… I am not sure they can look forward to anything.”


He however said, the Commission can only partner with other agencies to solicit information on assets belonging to Menzgold that could be used to defray the troubled company’s debt.

“What can happen is that, whatever asset they have that can be traced, whatever of it is that can be realized can be used to sort out the people who took their money there on a pro-rata basis…[If there is nothing, nothing will be used] to sort people out,” the SEC boss added.

We won’t pay Menzgold customers’ locked up cash – Finance Minister

Finance Minister Ken Ofori-Atta, had earlier stated that government will not use taxpayers money to sort out customers of Menzgold.

Mr. Ofori-Atta said the customers of Menzgold were driven by greed since the returns on investment promised by the company was unrealistic.

“I think it is not in the place of government to fund or get your money back for you. It was an obvious trap that you went into. Maybe we as an industry should also push the whole issue of education and empowerment so that people do not fall prey to that,” the Finance Minister added.

We won’t allow Menzgold to go scot-free – Customers

But, the Coalition of aggrieved customers of Menzgold say they will not relent in their efforts to retrieve their monies from the company.

According to the customers, although no significant progress has been made in their quest to retrieve their locked up cash, they are resolute in their pursuit.

President of the Coalition, Timothy Binob, said they will protest until their monies are retrieved.

“What we are saying is that we are never happy about this issue and we will never be happy because we have a lot of money locked up in Menzgold. And we will never let them go scot-free. We need to get those monies locked up at Menzgold.”

By: Nii Larte Lartey & Nana Oye Ankrah | Ghana

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