West Africa

Menzgold bosses ‘selling off assets, planning to relocate outside Ghana’ – Menzgold Staff

Staff of troubled gold-trading firm, Menzgold Company Limited, have accused the management members of the tottering firm of living extravagant and profligate lifestyles even as the company is in crisis and struggles to find money to pay several thousands of aggrieved clients whose investments are locked up with the firm.

The staff, who were recently asked by the CEO, Nana Appiah Mensah (NAM1) to proceed on leave until 20 December 2018, said in a statement that: “Our loyalty to both company and clients led to four months with no pay so as to bring an end to this crisis while they (management) live lavishly without remorse”.

According to the staff, the management members are secretly selling off assets of the company and keeping the proceeds for themselves, with the intention of relocating outside the country to enjoy their booty.

“We also wish to inform clients that management has started selling off assets for personal gain and to also settle their close friends.”

“We confirm the travel plans of management members outside the country. Some tried and have been deported”, the staff said.

Apart from the warnings and directives from the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) which led to Menzgold’s shutdown, thus, the crisis, the staff said the management members of the company are partly to blame.

Related: George Quaye appointed PRO for MenzGold Ghana

“It is unfortunate to say that aside from certain external forces which caused this crisis, internal misappropriation is a key factor”, they claimed, explaining:

“Management members have fraudulently acquired properties such as luxury houses, schools, flashy and luxury cars and many more to dwindle the finances of the company. We, therefore, wish that EOCO investigates them”.

The staff also said while they believed in Menzgold and had confidence in its operations, and, so, invested heavily in the gold collectables product, the management members did not demonstrate the same confidence since they invested relatively negligible amounts in the same product.

“It is also sad to note that while staff believed in the product of the company, management members did not. An investigation into the trading pattern of management showed they had very little transactions even compared to most staff who invested heavily into the company. Some comments of management members such as: ‘I have acquired enough to live a good life should the company fold up’, and many more in recent times depict their intention”.

As far as the payment of clients’ locked-up investments is concerned, the staff revealed that:

“We confirm that management members are secretly paying off clients without a proper schedule and assurance to other clients. This makes their act suspicious and unfair whenever money is made available. Research conducted reveals that the powers in governance are aiding persons to retrieve funds but these same powers are reluctant in seeking the best solution for all”.


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