Maverick private legal practitioner and political critic, Maurice Ampaw has for the first time admitted in a statement that he and his wife, including some close family members are among the numerous Ghanaians who invested in embattled gold dealership firm Menzgold.
“I want everyone to officially know that lawyer Ampaw is a proud customer of MenzGold”, he revealed while flaunting documents to prove that he has his cash locked up with the gold trading company.
Copies of the documents reveal that lawyer Maurice Ampaw purchased 50 pounds of gold worth GH¢ 100,000 three times totalling GH¢ 300,000 before the company run into crises.
His cousin also invested GH¢520,000 whiles his wife invested GH¢ 200,000, cumulatively making GH¢9200,000 of total cash lodged with Menzgold.
Finance Minister Mr. Ken Ofori Atta has described people who traded with MenzGold as ‘greedy’ individuals who did not think before investing their money with the gold merchant.
This is not the first time a government official has come out to condemn people who invest in investment companies like this after being promised huge dividends.
Former President John Dramani Mahama made a similar statement whiles commenting on another investment company that duped Ghanaians, especially in the Brong Ahafo Region during the era of the DKM scandal which occurred under his administration.
An aggrieved Maurice Ampaw who was speaking in an interview with Kumasi-based radio Abusua Fm, indicated that there is nothing wrong with people who invested with MenzGold because nothing showed the company was not operating illegally since Bank of Ghana and the Securities and Exchanges Commission (SEC) did not speak about their illegality.
Mr. Ampaw claims he contacted the Registrar General’s Department, and the Minerals Commission before becoming a customer of the gold trading hub four years ago.
“I did due diligence at the Registrar General's Department and the Minerals Commission so I was so satisfied. Therefore I increased my investment bit by bit then my confidence level increased as well,” he noted.
“I realized a company that has existed for about five years whiles it has operated under the watch of government, that was able to sponsor Premier League, who took the entertainment industry by storm, a company that could visit Asantehene with a Private jet. Somebody who has met President Nana Addo three times nothing showed he was a fraudster."
According to him, the system and structures did not antagonize CEO of the firm Nana Appiah Mensah, but rather endorsed him, since there were no objections to his line of business.
Mr. Ampaw argued that, if institutions funded and mandated to monitor the authenticity of all investor companies failed to take any action against MenzGold for five years, then such people must be held responsible, not the company.
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Source: ghanaweb.com
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Som say this, som say that! The truth is just one. No bank will be able to meet de demands from all customers concurrently, does that make de banks a sponzy? It's very unfortunate that few people hav connived to deliberately bring de investment down. All de banks including Data bank, operates de same way by using depositors' money to pay others. Let them come out to dispute this fact. It will not be easy for any CEO to meet de current demands from customers this way. The banks should come out including Ken to dispute this fact.
That guy next to my pic at the top looks too greedy for my liking. No no no no. He is very greedy.
Supposing Menzgold is a ponzy scheme, however there were no indications that it could collapse within a shortest possible time after thriving for five years. By implication, the only thing that could cause such a scheme to collapse is the government. Many customers analysed this situation and ruled out government policy or institutions to cause a collapse of the scheme. If the same government institutions which indicated that they could not regulate or stop activities of Menzgold suddenly turned 360 degrees to instruct the Menzgold to stop their operations, then those who depended on the previous information by BOG and SEC could successfully sue these institutions.
there is and was nothing wrong with Menzgold business. IT is not a scam. IF the interest were too high, that is a different matter. All over the world there is Bullion Market trading, Derivative trading etc. We all know that the value of Gold that is processed is ten times higher than the gold just like chocolate industry is hundreds better in value than raw cocoa. Ghana is simply late in accepting that a country that mines gold does not have a gold derivative trading market. As we speak, DATA bank is unable to pay investors, they are a scam isn't it. Clearly SEC should have studied the terrain and rather guide and help such business initiative to thrive. What are banks doing with our money, trade it among themselves, share the huge gains of interest and give us little. Who is scamming us, is it not the banks. See how large they live, where is the money coming from? Depositors ofcourse. No bank in this world will survive if all depositors withdraw their money. Ken's and Ogbamey Data will be brought to its knees if all investors ask for their monies today. They won't be able to pay. Know that, one major secret in banking and in investment is the fact, they the bankers know that not all depositors will need their money at the same time so they simply take another person's money and give you and so on. BANKING IS A SCAM PERIOD. MENZGOLD was doing genuine business in gold trading. SEC recently launched a commodity exchange market. IT is a form of derivatives trading. SHAME ON THEM. Someone took the lead, Let's build together.
mr finance minister you wanted the NAM 1 to show how he was making it and he refused hence this predicament...you are rather greedy bcos your bank CAL BANK was losing bcos people came to redraw their monies.
it seves them right,next time,ghanaians are too grredy
Well said Ojam. Menzgold approached me and tried to convince me to invest with them. After asking a few questions, I fell out. Ampaw and his family are greedy.
I am not surprised that this so called lawyer fell for the scam and now complaining. As a lawyer he knows the statement "CAVEAT EMPTOR" meaning may the buyer beware. A simple check on yahoo finance about the historical movements of prices of gold and other precious metals would have told him that the interests being offered by Menzgold is unsustainable. Instead he did a lazy and shoddy due diligence and now looking for someone to blame. If they have used the money to set up a simple business like milling corn or rice, not only would they have provided employment but also generated profits for themselves for a lifetime and helped the country in a small way. THEY CHOSE A LAZY AND GREEDY ROUTE THEREFORE THEY ONLY HAVE THEMSELVES TO BLAME!!
This man is very greedy.
Because of this greed this lawyer too has been swindled by this small boy. Smh