22nd August 2023 10:27:39 AM
2 mins readThe Menzgold scandal, which has put thousands of clients in financial trouble, is the fault of the Nana Addo Dankwa Akufo-Addo-led administration, according to attorney Maurice Ampaw.
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He contends that the government as a whole, as well as other organizations, like the Bank of Ghana and the Securities and Exchange Commission (SEC), ought to bear responsibility for their incompetence in permitting Menzgold to function and then failing to track the revenues of its operations.
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On August 21, 2023, he made the case in an interview with Neat FM that the government officials who permitted Menzgold to operate illegally should instead be under pressure rather than only Nana Appiah Mensah (NAM1), the CEO of Menzgold.“Menzgold lost it because they didn't listen to my advice.
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I am scared and worried that Menzgold customers are still hoping to get their money back from NAM1, but the focus should not have been on NAM1, but on the government of the day, which allowed Menzgold to allegedly operate illegally."Additionally, many regulatory bodies, including the finance minister and the Bank of Ghana, and the Security and Exchange Commission (SEC) failed to do due diligence.
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"For some of us, the processes in the NAM1 saga are nonsense…and the government of the day led by Nana Akufo-Addo should be held responsible.”Over the weekend, NAM1 faced significant backlash following his proposal that disgruntled customers should pay a verification fee of 650 cedis in order to gain access to their frozen funds.
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In an interview with Serwah Amihere on the X space, NAM1 initially put forward the verification fee, but he later retracted this suggestion. He asserted that more than 5000 individuals had already received payments over a period of time.In 2018, Menzgold was directed by the Securities and Exchange Commission (SEC) to halt its public gold trading activities.
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The SEC's directive was based on Menzgold's involvement in the acquisition and acceptance of gold collectibles from the general public. Menzgold was also found to be issuing contracts with guaranteed returns to its clients without holding a valid license from the Commission.This was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act,” according to the SEC.
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