Former Finance Minister, Ken Ofori-Atta speaking to some military officers who had their funds locked up in defunct gold dealership firm Menzgold, said the government was taking measures to ensure the affected customers were repaid their funds.
According to the former Finance Minister, authorities had started a process to ensure properties belonging to the CEO of Menzgold, Nana Appiah Mensah (Nam 1) were liquidated to settle customers of their locked-up funds which he said was estimated to be around GHC200 million.
Read the full article as first published by classfmonline.com below:
Ghana’s Minister of Finance, Ken Ofori-Atta has disclosed that at least GHS 200 million of depositors’ funds are locked up with embattled gold dealership firm, Menzgold Ghana Limited.
Thousands of Menzgold clients have demonstrated and filed lawsuits to compel the company to release their funds after the Securities and Exchange Commission shut down the company’s gold vault market operation over regulatory infractions.
Fifty-three soldiers decided to drag Menzgold to the High Court for failing to pay them a total investment of GHS2.5 million in early 2019.
Speaking to some personnel of the Ghana Armed Forces (GAF) after President Nana Akufo-Addo had donated 50 Ankai Buses to the army in Accra on Friday, 22 February 2019, Mr Ofori-Atta said: “I think we have come up with the realisation that maybe over GHS200 million is outstanding”.
He was responding to a question posed by army personnel on what the government was doing to help them retrieve the locked-up investments.
Mr Ofori-Atta added that the authorities are in the process of liquidating the properties of the CEO of Menzgold, Nana Appiah Mensah, and using the proceeds to pay the clients.
He, however, ruled out any monetary intervention using taxpayers’ money.
“He [Nana Appiah Mensah] has been apprehended in Dubai. I’m sure a committee will be put together to see how to liquidate [his assets] and whatever it is that can be found can be given to those who gave money,” Mr Ofori-Atta noted.
He was quick to add that: “The government is not going to be standing in for issues of this nature where we are very clear that it is not licenced and you know the risk that you have taken”.