Nana Appiah opens up on Menzgold saga

Nana Appiah opens up on Menzgold saga

- in Latest in Ghana, News

Nana Appiah Mensah Chief Executive Officer (CEO) of Menzgold Ghana Limited has finally opened up on issues surrounding the embattled firm.

Menzgold is currently not operating as they are in a legal tussle with the Securities and Exchange Commission (SEC) as well as the Bank of Ghana (BoG).

Nana Appiah has not spoken ever since the firm got themselves in this legal battle with BoG.

In an interview with Zylofon FM, NAM 1 as he is popularly known apologized to all customers of Menzgold for the troubles they find themselves in.

“I apologize sincerely to all Ghanaians, it is unfortunate this has happened and we feel your (customers) pains”,

“We entreat all customers to have faith in the firm and we will bounce back soon”.

“Over the past 5 years, we have proven ourselves without blemish and will continue to do so”.

He did not delve deep into issues that have halted the operations of the company but said ” the BoG says we need a certain license to operate which we felt it was not really necessary”

“The case with BoG and SEC is still in court and we believe that in the end, both parties will be satisfied with the outcome”.

The embattled firm has said it will begin to pay its clients part of their initial gold collectibles value coming Friday.

 

Background
The Bank of Ghana’s (BoG) issued a disclaimer against Menzbank’s banking operations.

The Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah, said the company was licensed by the Minerals Commission to buy and sell gold, but had veered off into accepting deposits from unsuspecting customers.

Many feared could have eventually become another financial sector scam following the experiences of DKM and God is Love Fun Club among others.

Dr. Asiamah further cautioned that anyone transacting banking businesses with MenzGold will only do that at their own peril.

The Securities and Exchange Commission (SEC) ordered Menzgold to suspend its operations in September 2018.

In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.

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