A customer of the troubled gold-trading firm, Menzgold Ghana Limited, has said that she was enticed into investing with the company’s Gold Vault Market when she was given the assurance that, the Chief Exective, Nana Appiah Mensah (NAM1), had a room full of money to settle all clients in the event of a mishap.
A para-legal worker (name withheld) who invested GH₡24,000 in August 2018 with the hope of enjoying 10 per cent (GH₡2,400) per month on her gold investment, expressed shock that no sooner had she put her money into the Gold Vault Market business than Menzgold started having issues with the Securities and Exchange Commission (SEC), a situation that has robbed her of any benefit – not even for a month – while her principal remains locked up with the firm.
“I confirmed that it has been running for five years and a worker from Menzgold assured me that even if things go wrong, NAM1 has an air-conditioned room full of money and, so, ‘You will have your money (investment) back once there are issues’”, she said in a radio interview on Class FM Monday morning [October 8].
According to her, she was confident that: “NAM1 can never disappoint you”, following convincing explanations by a friend coupled with the fact that she personally witnessed many clients receiving their dividend every month.
She said little did she know that she was in for a big disappointment after several visits to the firm’s company without which proved futile as far as the payment of her extra value and principal is concerned.
She said Menzgold has been using its regulatory tussle with the SEC to excuse its failure to pay the clients their investment benefits and principal.
She is one of several thousand clients of Menzgold whose investments are locked up with the firm.
The company closed its offices on Friday and rescheduled payment of extra values for the third time.
Some customers who went to the East Legon branch of the firm on Friday, October 5, 2018, did not meet any staff as the premises had been locked.
One customer said she had invested GH₡100,000 and was scheduled to receive her returns on that day but only saw notices on the buildings that announced that the company had ceased operations temporarily.
A police vehicle with two personnel was also stationed at the office.
Meanwhile, Menzgold’s new Head of Communications, Nii Amarh Amarteifio has explained that they had to postpone the payment due to attacks and threats on the lives of their staff by angry clients.
According to him, the threats of harm as well as manhandling of their staff by clients led to the closure of their offices, as they make appropriate arrangements to resume payment of extra values on Monday, 8 October 2018.
He said the schedule also had to be reviewed because some of the leaders of the customers expressed reservations about the dates, adding that a new plan will be communicated to clients through text messages.
Mr Amarteifio assured the customers that their investments are safe and their extra values will be paid appropriately.
Source: classfmonline.com
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The media would just do anything to sell news. This was not the core of what was discussed at the interview. It’s just sad that the media would do anything to drive traffic to its site at the expense of someone’s reputation.
I listened to the interview of the lady in question with the 2 other gentlemen n I can boldly say this media is totally wrong in putting the story out this way, and to think that there was no mention of the class action against Menzgold they spoke about is such a pity. Smh
How can people believe such a rubbish post by the media..I personally know the lady involved. She actually went to class fm with a number of customers of Menzgold to declare their intentions of embarking on a class action and she made this particular comment in passing that there was this perception that Nam1 had a room full of money to pay its clients should anything go wrong and NOT as it has been stated here..this is a shame. I now understaND why people are reluctant to speak to the media
waaa listen to yourself. How can someone convince you that NAM 1 has a room full of money so you decide to part with the little that you have painstakingly saved up. Why dont you also save till you get a room full for yourself. It pure greed that has landed you where you are. carry your own cross madam and spare us the details. If you were to be getting your dividends monthly would you have come to tell us? I dont think so. as the Akans would say "wo ***barred word*** na begy3 wogywaan" to wit your f00l1shness will make you sacrifice a sheep.