2 days more to the deadline set by Menzgold to resume operations in order to pay interest accrued to their investors following the suspension of their operations after the Securities and Exchange Commission wrote to Menzgold to shut down the gold vault product services.
After SEC’s letter dated 7th September authorizing Menzgold to shut down leaked online, the Nana Appiah Mensah owned Menzgold released a statement that they will resume work on the 19th September. The break was to enable them to sort out their issues with SEC.
On the 18th of September, another statement came out to inform investors that they needed more time to conclude their licenses issues with SEC so the reopening has been shifted to 28th September 2018.
Since then, there have been serious troubling issues concerning the operations of Menzgold. It has come to light that Menzgold sold Aurum Utalium (better known as fake gold) to it investors who assumed it was a pure gold they were investing in.
Many well-meaning individuals Ghanaians including the MP for Assin Central, Kennedy Agyapong has described Menzgold’s activities as a typical example of Ponzi scheme.
People who ‘really’ know NAM1 as Nana Appiah Mensah is called has called him a fraudster and have even cited examples from when he managed Essefgold to back their claims (Although no court has found him guilty of fraud as far as Ghpage.com can tell).
Ghpage.com and Joy News’ visit to Menzgold UK office proved there is a vast difference in how Menzgold operate in both countries.
Just yesterday, Deputy Director of SEC Paul Ababio told Israel Laryea of Joy News that SEC has not ordered Menzgold not to pay old customers. They only gave the order to stop accepting new deposits. SEC also revealed Menzgold is yet to deliver the documents they requested.
Menzgold replied to the statement the same day. According to Menzgold, because of the SEC order to stop accepting new deposits, there is no money to pay old customers. This statement made people believe Menzgold has accepted to be a Ponzi scheme.
Through all these, Investors have been worried sick as to what next for their savings. NDC’s Opare Addo has stated there is will be a Mass Burial in Ghana if Menzgold goes down considering the huge amount of deposit in their custody.
However, there will be a Mass Jubilation if Menzgold pass through all these challenges and resumes work on Friday, 28th September.
So Ghpage.com asks:
Two days more to 28th September, will there be a Mass Burial Or Jubilation on Friday 28th September?? What do you think?